Accountability for Wall Street Executives Act

Accountability for Wall Street Executives Act

This bill allows state attorneys general, with reasonable cause, to issue subpoenas or administer oversight to investigate national banks for state law compliance.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2098 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2098

  To amend the Revised Statutes to grant State attorneys general the 
ability to issue subpoenas to investigate suspected violations of State 
              laws that are applicable to national banks.


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                   IN THE SENATE OF THE UNITED STATES

                             July 11, 2019

 Mr. Schumer (for Ms. Harris (for herself, Ms. Hirono, Mr. Blumenthal, 
    Mrs. Feinstein, Ms. Warren, Mrs. Gillibrand, and Mr. Merkley)) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Revised Statutes to grant State attorneys general the 
ability to issue subpoenas to investigate suspected violations of State 
              laws that are applicable to national banks.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accountability for Wall Street 
Executives Act''.

SEC. 2. VISITORIAL POWERS.

    The sixth undesignated paragraph of section 5240 of the Revised 
Statutes (12 U.S.C. 484) is amended by striking subparagraph (B) and 
inserting the following:
            ``(B) Notwithstanding subparagraph (A)--
                    ``(i) lawfully authorized State auditors and 
                examiners may, at reasonable times and upon reasonable 
                notice to a bank, review their records solely to ensure 
                compliance with applicable State unclaimed property or 
                escheat laws upon reasonable cause to believe that the 
                bank has failed to comply with such laws;
                    ``(ii) an attorney general (or other chief law 
                enforcement officer) of a State may issue subpoenas to 
                national banks or officers of national banks based upon 
                reasonable cause to believe that the national bank or 
                an officer of a national bank has failed to comply with 
                applicable State laws; and
                    ``(iii) an attorney general (or other chief law 
                enforcement officer) of a State may require a national 
                bank to provide aggregate data on loans and other 
                financial products and services provided by the 
                national bank in such State.''.
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