Key Votes

HR 10 - Financial Modernization bill - Key Vote

National Key Votes

Stages

Family

Issues

Stage Details

Legislation - Placed on Calendar (Senate) -

Legislation - Bill Passed (House) (343-86) - (Key vote)

Title: Financial Modernization bill

Vote Smart's Synopsis:

Vote to pass a bill that allows for mergers between banks, insurance companies, securities firms and other financial services.

Highlights:
  • Allows merging companies to form as a financial holding company or an operating subsidiary.
  • Prohibits a wholesale financial institution, an uninsured bank, from receiving deposits of less than $100,000.
  • Requires banks to disclose any fees for use of their automated teller machines (ATMs).
  • Prohibits states from enacting laws and regulations that impede a company's ability to sell insurance.
  • Prohibits insurance companies from discriminating against domestic violence victims.
  • Prohibits financial companies from releasing a customer's financial information to third parties without the customer's approval.
  • Stipulates that the Federal Reserve must hold hearings in certain cities affected by the merging of banks that possess over $1 billion in assets.
See The Voting Record

Legislation - Introduced (House) -

Title: Financial Modernization bill


Sponsors

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

Co-sponsors

  • Richard Hugh Baker (LA - R) (Out Of Office)
  • Michael N. 'Mike' Castle (DE - R) (Out Of Office)
  • Merrill A. Cook (UT - R) (Out Of Office)
  • Sue W. Kelly (NY - R) (Out Of Office)
  • Steven C. 'Steve' LaTourette (OH - R) (Out Of Office)
  • Rick A. Lazio (NY - ) (Out Of Office)
  • James H. 'Jim' Maloney (CT - D) (Out Of Office)
  • Bill McCollum (FL - R) (Out Of Office)
  • Robert William 'Bob' Ney (OH - R) (Out Of Office)
  • Marge S. Roukema (NJ - R) (Out Of Office)