Excerpt from Tax and Debt Management Aspects of H. R. 1505 (the Financial Institutions Safety and Consumer Choice Act of 1991): Scheduled for a Hearing Before the Committee on Ways and Means on May 29, 1991
State-chartered banks, their holding companies and subsidiaries would... be supervised by the Federal Reserve. Except for exemptions granted by the Federal Deposit Insurance Corporation (fdic) to well-capitalized banks, all State-chartered banks and their subsidiaries would be prohibited from engaging in activities in which Federally-chartered banks could not engage.
The proposed legislation would impose new criteria for examining banks based on the capital level and size of the bank. The fdic would retain its authority to examine insured banks. In general, the fdic would be required to make an on-site examination at least once each year (once each 18-months in the case of small well-capitalized banks). The fdic would be granted the power promptly to take over any bank that is poorly capitalized. Corrective action could include cuts in dividend rates.
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