A bill to authorize depository institutions to engage in securities activities.

[AI summary unavailable — showing source text] Amends the Banking Act of 1933 to allow a member bank to be affiliated with a bank securities affiliate. Permits any eligible association to acquire the stock of a bank securities affiliate. Defines an 'eligible association' as a bank with assets of less than $100,000,000 which is not controlled by a bank holding company. Permits any officer, director, or employee of any member bank to serve at the same time as an officer, director or employee of any of its bank securities affiliates. Amends the Bank Holding Company Act of 1956 to define "bank securities affiliate" to mean any corporation that: (1) is engaged in the United States in one or more of the activities authorized under such Act; and (2) is a broker or dealer within the meaning of the Securities Exchange Act of 1934 or an investment advisor within the meaning of the Investment Advisers Act of 1940. Permits a bank securities affiliate to: (1) conduct any securities or securities-related activity that a bank is not prohibited from conducting; (2) deal in and underwrite obligations issued or guaranteed by or on behalf of a State or local government; (3) render investment advice to an investment company; and (4) underwrite, di…