A bill to amend the Investment Company Act of 1940.

[AI summary unavailable — showing source text] Amends the Investment Company Act of 1940 to permit a bank, a bank holding company or a subsidiary thereof, a savings and loan association, a savings bank, or a credit union to: (1) organize, sponsor, operate, control, or render investment advice to an investment company; or (2) underwrite, distribute, sell, or issue securities of any investment company if certain standards are met. Sets forth procedures to ensure compliance with such standards.…