Vote Smart's Synopsis:

Vote to pass a bill that allows partnerships in services between banks, securities firms, and other financial providers to increase competition within the sector.

Highlights:

• Repeals past restrictions that prohibit cross-ownership of banks, brokerages and insurance companies.

• Prevents banks from engaging in investment activities.

• Allows nationally chartered banks to continue to sell insurance and states to retain jurisdiction over those sales.

• Gives community banks access to low-cost funds through the Home Loan Bank System.

• Phases out the unitary thrift charters, institutions originally created to offer home loans and has allowed commercial companies to open savings banks.

Full Bill Text

Full Bill Text