Merchant Banking Modernization Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Merchant Banking Modernization Act, changes the rules for bank holding companies regarding investments in merchant banking activities. It allows these companies to hold merchant banking investments for a longer period, generally up to 15 years. The bill extends the permitted holding period for existing investments, ensuring they can be held for at least 15 years from their initial date. This aims to provide greater stability and longer-term investment opportunities in this sector.
Key provisions
- Allows bank holding companies to hold merchant banking investments for up to 15 years.
- Extends the holding period for existing merchant banking investments to at least 15 years from the initial investment date.
- Amends Section 4(k)(7)(A) of the Bank Holding Company Act of 1956.
Who is affected
- Bank Holding Companies
- Investors in merchant banking activities
- The banking industry
Notable changes
- Increases the maximum permitted holding period for merchant banking investments from the current, unspecified period.
Bill text
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Sponsors
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15 on record
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Cosponsors
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