Fair Trade in Financial Services Act of 1995
Latest action. Referred to the subcommitteeA smaller panel inside a standing committee with jurisdiction over a slice of its subject matter. Most hearings and the first markup usually happen here.Read the full definition (opens a new tab) on Telecommunications and Finance, for a period to be subsequently determined by the Chairman.
Fair Trade in Financial Services Act of 1995 - Directs the Secretary of the Treasury (the President in the case of insurance organizations) to identify foreign countries that may be denying national treatment to U.S. banking and securities organizations and determine whether such possible denial may be having a significant adverse effect on them. Requires the Secretary and the President, when making such determinations, to: (1) consider specified factors; and (2) initiate negotiations (through the U.S. Trade Representative, in the President's case) with such foreign country to ensure that it accords national treatment to such U.S. organizations upon the determination of such possible denial. Authorizes the Secretary to recommend to the appropriate Federal regulatory agency that it suspend consideration of, or deny a request for, authorization filed by a person of a foreign country determined to have denied such national treatment. Authorizes the President to recommend similar action to the Secretary with respect to the registration of alien insurance organizations. Prohibits such sanctions with respect to any request for authorization filed by specified U.S. depository institutions, securities organizations, or alien insurance organizations which do business in the United States as of a specified date (reciprocal grandfather exemptions). Requires the Secretary (the President with respect to insurance organizations) to report annually to the Congress on foreign countries that deny national treatment to such U.S. organizations. Prohibits alien insurance organizations from engaging in insurance activities within the United States unless certain registration and related State requirements have been met.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on January 4, 1995. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on February 21, 1995: Referred to the Subcommittee on Telecommunications and Finance, for a period to be subsequently determined by the Chairman.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 104th Congress (1995-96), 333 of the 6,806 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JIM LEACH (R-IA) introduced it on January 4, 1995, and 2 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on January 4, 1995, 11572 days ago. The most recent recorded action was 11524 days ago, on February 21, 1995.
Measures do not carry over. Anything the 104th Congress has not finished by January 3, 1997 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers