|Joint Press Release||
Board of Governors of the Federal Reserve System|
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
|For Immediate Release
||October 8, 2004|
Comment Letter Issued on the SEC's Proposed Broker Rules for Banks
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency filed a formal comment letter Friday with the Securities and Exchange Commission (SEC) regarding the SEC's proposed Regulation B.
Proposed Regulation B would implement the exceptions for bank "broker" activities that Congress adopted in the Gramm Leach-Bliley Act. These exceptions were designed to allow banks to continue to execute securities transactions in connection with their normal trust, fiduciary, custodial and other specified banking activities.
The agencies' comment letter and appendix are attached.
|Federal Reserve||David Skidmore||202-452-2955|
2004 Banking and consumer regulatory policy