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Key Votes

HR 10 - Financial Services Act of 1998 - Key Vote

National Key Votes

Bobby Scott voted Nay (Passage) on this Legislation.

Read statements Bobby Scott made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Bill Passed (House) (214-213) - (Key vote)

Title: Financial Services Act of 1998

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.
Legislation - Introduced (House) -

Title: Financial Services Act of 1998

Sponsors

  • James A. 'Jim' Leach (IA - R) (Out Of Office)

Co-sponsors

  • Michael N. 'Mike' Castle (DE - R) (Out Of Office)
  • Rick A. Lazio (NY - ) (Out Of Office)
  • Marge S. Roukema (NJ - R) (Out Of Office)
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