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EconomyH.R. 5291Not Yet VotedComments

Merchant Banking Modernization Act

Official title: To amend the Bank Holding Company Act of 1956 to generally permit holding merchant banking investments of up to 15 years.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, current stage
  4. Outcome, not yet

What This Bill Does

This bill requires financial holding companies to be allowed to hold merchant banking investments for a minimum of 15 years.

Currently, financial holding companies are generally prohibited from holding interests in nonfinancial companies, however, there are statutory exemptions for merchant banking activities, financial services for private commercial entities. As a result of these financial services, the financial holding company may gain equity in these private commercial entities through portfolio holdings. Under current regulations, these holdings are subject to certain limitations, including a holding limit of 10 years, with the option of extending the period subject to review by the Federal Reserve Board.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-368.
  2. House committee actionsCommittee Consideration and Mark-up Session Held
  3. Library of CongressIntroduced in House
  4. House floor actionsReferred to the House Committee on Financial Services.
  5. Introduced
  6. Committee

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