Financial Services Oversight Act

[AI summary unavailable — showing source text] Financial Services Oversight Act - Title I: Financial Services Oversight Commission - Establishes the Financial Services Oversight Commission as an independent Federal agency. Sets forth the powers and duties of the Commission, which include: (1) promulgating regulations defining the types of activities in which bank holding companies, financial holding companies, and commercial holding companies may engage; (2) enforcing compliance with such regulations; (3) establishing minimum standards of capital adequacy for financial holding companies and their affiliates; and (4) promulgating regulations to assure that transactions between financial services subsidiaries of holding companies are conducted in a manner consistent with the purposes of this Act. Directs the Commission to establish an advisory committee. States that bank holding companies and financial holding companies may not control any commercial company or engage in any commercial activity. States that commercial holding companies may not control a bank or financial company which holds or offers transaction accounts. Directs the Commission to establish transition rules for the divestiture or other cessation of investments or…