HR 7046
To amend the Bank Holding Company Act of 1956 to place certain limitations on commodity ownership and to repeal the merchant banking authority, and for other purposes.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill changes regulations for bank holding companies to limit their involvement in commodity ownership and to eliminate a type of banking activity called merchant banking. Specifically, it restricts how banks can invest in commodities and requires the Federal Reserve to work with the FDIC to determine if certain activities are safe for the financial system. The bill also finalizes a previous rule regarding commodity trading by financial holding companies.
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