Financial Services Competitive Enhancement Act

[AI summary unavailable — showing source text] Financial Services Competitive Enhancement Act - Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal its prohibition against: (1) bank affiliation with any entity principally engaged in securities transactions; and (2) securities transaction personnel serving simultaneously as national bank personnel. (Sec. 102) Amends the Bank Holding Company Act of 1956 (BHCA) to permit a bank holding company (BHC) to acquire shares in nonbanking organizations if such shares have been determined by the Board of Governors of the Federal Reserve System ( Board) to be either financial in nature, or incidental to financial activities. States that after enactment of this Act it shall be financial in nature to provide insurance as principal, agent, or broker in any State. Shields bank holding companies from State restrictions against insurance affiliates of banking companies. (Sec. 103) Cites circumstances permitting a BHC to acquire or control shares, assets, or ownership interests of previously proscribed entities. (Sec. 104) Permits a BHC to engage in any activity which the Board has determined to be either financial in nature, or incidental to financial activities, including: (1) lending;…