February 6, 1995
TO: BOARD OF GOVERNORS No. 18-95
FEDERAL LEGISLATION COMMITTEE No. 6-95
FEDERAL LEGISLATION MEMBERS No. 6-95
RE: GONZALEZ/SCHUMER LEGISLATION TO REGULATE BANK SALES OF
MUTUAL FUNDS
______________________________________________________________________
On January 30, Representative Henry Gonzalez (D-TX), Ranking Minority Member of
the House Banking Committee, along with Representative Chuck Schumer (D-NY), introduced
H.R. 727, the "Depository Institution Retail Investment Sales and Disclosure Act of 1995."
This legislation would regulate bank sales of mutual funds and other non-depository
products. It is essentially identical to H.R.3306 as introduced by Gonzalez and Schumer, when
Gonzalez was Chairman in the 103rd Congress. (See Federal Legislation Committee Memo No.
32-93; Federal Legislation Members Memo No. 30-93.) Senate Banking Committee Chairman
Alfonse D’Amato (R-NY) has expressed interest in similar legislation. Action on this bill is not
currently anticipated.
We will keep you informed as these matters develop. For additional information, please
contact the Legislative Affairs Department at (202) 326-5890. This memo can be found on
FUNDS, the Institute’s Fund User Network and Delivery System, under "Legislative Affairs;
Washington Update."
Julie Domenick
Senior Vice President
Legislative Affairs
Attachment