TAILIEUCHUNG - Permissible Securities Activities of Commercial Banks Under the Glass-Steagall Act (GSA) and the Gramm-Leach-Bliley Act (GLBA)

We discussed differential reporting in Chapter 1. Essentially, if an organization has no pub- lic accountability and all owners consent, including those not otherwise entitled to vote, simpler accounting rules may be adopted in certain areas. Remember that the entities that are eligible for this GAAP treatment are private com- panies—those with no shares or debt traded on public markets. Usually, this is the smaller business sector, but not always. There are some large private companies in Canada. For these companies, if the equity holders all agree, the cost of more complex accounting standards can be avoided. The benefit of information provided is not worth the effort | Permissible Securities Activities of Commercial Banks Under the Glass-Steagall Act GSA and the Gramm-Leach-Bliley Act GLBA David H. Carpenter Legislative Attorney M. Maureen Murphy Legislative Attorney April 12 2010 Congressional Research Service 7-5700 R41181 CRS Report for Congress------------- Prepared for Members and Committees of Congress Securities Activities of Commercial and Investment Banks Under the GSA and GLBA Summary In the wake of the recession of 2008 there have been calls to reexamine 1999 s landmark financial services legislation the Gramm-Leach-Bliley Act GLBA . 106-102 which repealed certain provisions of the Banking Act of 1933 commonly referred to as the Glass-Steagall Act GSA 48 Stat. 162 16 20 21 and 32 which separated to a certain degree commercial banking . the activities engaged in by depository institutions with a bank charter which this report generally will refer to as banks or commercial banks from investment banking . activities engaged in by securities firms . This report explains the extent to which commercial banks their subsidiaries and affiliates were able to engage in securities activities including securities underwriting dealing and brokerage under the authorities of the GSA and other pre-GLBA banking laws most notably the Bank Holding Company Act of 1956 BHCA 70 Stat. 133 how the volume and scope of these securities activities expanded over time especially in the 1980s and 1990s and how the GLBA changed the GSA construct by facilitating affiliations among commercial banks and securities firms which paved the way for full-service financial companies like CitiGroup to offer deposit taking and full-scale securities dealing securities underwriting investment advising and brokerage activities within a single holding company structure. To do this the report first examines the historical differences between the regulatory structure of commercial and investment banks. It then provides a legal overview of the GSA

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