To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called ``Glass-Steagall Act'', and for other purposes.
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 ``Return to Prudent Banking Act of 2011''.
SEC. 2. GLASS-STEAGALL REVIVED.
(a) Wall Between Commercial Banks and Securities Activities Reestablished.--Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828), as amended by section 615(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new subsection: ``(aa) Limitations on Security Affiliations.-- ``(1) Prohibition on affiliation between insured depository institutions and investment banks or securities firms.--An insured depository institution may not be or become an affiliate of any broker or dealer, any investment adviser, any investment company, or any other person engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities. ``(2) Prohibition on officers, directors and employees of securities firms service on boards of depository institutions.-- ``(A) In general.--An individual who is an officer, director, partner, or employee of any broker or dealer, any investment adviser, any investment company, or any other person engaged principally in the issue, flotation, underwriting, public sale, or distribution at...