Full Bill Text

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.

Full Bill Text

Full Bill Text