Financial Services Commission Act

[AI summary unavailable — showing source text] Financial Services Commission Act - Title I: Financial Services Commission - Establishes the Financial Services Commission as an independent Federal agency to: (1) promulgate regulations regarding activities in which bank holding companies, financial holding companies, and commercial holding companies may engage; (2) enforce compliance with such regulations; (3) establish minimum capital adequacy standards for financial holding companies and their affiliates; and (4) promulgate 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. Prohibits bank holding companies and financial holding companies from controlling any commercial company or engaging in any commercial activity. Prohibits a commercial holding company from controlling a bank or financial company which holds or offers transaction accounts. Allows the Commission to require reports to insure that the purposes of this Act are accomplished. Directs the Commission to refer violations to the agency having primary regulatory responsibility. Describes the enfo…