S 1047 · 96th Congress · Finance and Financial Sector

Banking Affiliates Act

Introduced 1979-05-01· Sponsored by Sen. Proxmire, William [D-WI]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Banking, Housing and Urban Affairs.(1979-05-01)

Plain Language Summary

[AI summary unavailable — showing source text] Banking Affiliates Act - Amends the Federal Reserve Act to revise restrictions on transactions between member banks and affiliates by allowing any member bank and its subsidiaries to engage in specified transactions with, or for the benefit of an affiliate, if each transaction is made at fair market value and if the aggregate amount of covered transactions does not exceed stated limits. Prohibits a member bank and its subsidiaries from purchasing any low quality assets.…

Summarized by Claude AI · Non-partisan · For informational purposes only