summary
Introduced
02/04/2025
02/04/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A bill to amend the Federal Reserve Act to prohibit certain financial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.
AI Summary
This bill, known as the Fair Access to Banking Act, aims to prevent financial institutions from denying services to lawful businesses based on political or reputational considerations. The bill applies to banks, credit unions, and payment card networks with over $10 billion in assets, requiring them to provide financial services to all customers based on objective, quantitative risk-based standards. The legislation addresses concerns about banks acting as "de facto regulators" by arbitrarily cutting off financial services to certain industries or businesses they find politically objectionable. Key provisions include prohibiting these financial institutions from using taxpayer-funded programs like the Federal Reserve's discount window lending if they refuse to do business with lawful entities, and establishing a cause of action for businesses that are unfairly denied financial services. If a business successfully sues under this act, they can receive treble damages and attorney's fees. The bill's findings emphasize that banks should make decisions based on empirical data and individual risk assessment, not broad categorical exclusions, and that they have a responsibility to provide fair access to financial services while maintaining sound risk management practices.
Committee Categories
Housing and Urban Affairs
Sponsors (46)
Kevin Cramer (R)*,
Jim Banks (R),
John Barrasso (R),
Marsha Blackburn (R),
John Boozman (R),
Katie Boyd Britt (R),
Ted Budd (R),
Shelley Moore Capito (R),
Bill Cassidy (R),
John Cornyn (R),
Tom Cotton (R),
Mike Crapo (R),
Ted Cruz (R),
John Curtis (R),
Steve Daines (R),
Joni Ernst (R),
Deb Fischer (R),
Lindsey Graham (R),
Chuck Grassley (R),
Bill Hagerty (R),
Josh Hawley (R),
John Hoeven (R),
Jon Husted (R),
Cindy Hyde-Smith (R),
Ron Johnson (R),
James Justice (R),
John Neely Kennedy (R),
James Lankford (R),
Cynthia Lummis (R),
Roger Marshall (R),
Mitch McConnell (R),
David McCormick (R),
Ashley Moody (R),
Jerry Moran (R),
Bernie Moreno (R),
Markwayne Mullin (R),
Pete Ricketts (R),
Jim Risch (R),
Eric Schmitt (R),
Rick Scott (R),
Tim Scott (R),
Tim Sheehy (R),
Dan Sullivan (R),
Thom Tillis (R),
Tommy Tuberville (R),
Roger Wicker (R),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/04/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/senate-bill/401/all-info |
| BillText | https://www.congress.gov/119/bills/s401/BILLS-119s401is.pdf |
Loading...