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Bill > HR987

US HR987

US HR987
Fair Access to Banking Act
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summary

Introduced
02/05/2025
In Committee
02/05/2025
Crossed Over
Passed
Dead

Introduced Session

119th Congress

Bill Summary

A BILL To amend certain banking laws 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 discriminating against lawful businesses by denying them financial services based on political or subjective reasons. The legislation focuses on ensuring that banks with over $50 billion in assets cannot refuse services to businesses solely because of their industry, political views, or reputation. The bill prohibits financial institutions from using taxpayer-funded programs like the Federal Reserve's discount window lending program, payment card networks, or the Automated Clearing House Network if they discriminate against lawful businesses. It requires banks to make decisions about providing financial services based on quantitative, impartial risk-based standards and individual assessments rather than blanket category-based evaluations. The bill establishes a cause of action for businesses that are unfairly denied financial services, allowing them to sue banks and potentially receive treble damages and attorney's fees. Key definitions are provided for terms like "financial services," which include banking, lending, payment processing, and investment services. The legislation seeks to protect businesses from being economically marginalized by financial institutions acting as de facto regulators and to ensure fair access to financial services for all lawful enterprises.

Committee Categories

Business and Industry

Sponsors (91)

Andy Barr (R)*,  Rick Allen (R),  Mark Amodei (R),  Jodey Arrington (R),  Aaron Bean (R),  Jack Bergman (R),  Sheri Biggs (R),  Lauren Boebert (R),  Mike Bost (R),  Vern Buchanan (R),  Tim Burchett (R),  Eric Burlison (R),  Ken Calvert (R),  Buddy Carter (R),  Ben Cline (R),  Andrew Clyde (R),  Mike Collins (R),  James Comer (R),  Dan Crenshaw (R),  Scott DesJarlais (R),  Byron Donalds (R),  Troy Downing (R),  Ron Estes (R),  Gabe Evans (R),  Randy Feenstra (R),  Brad Finstad (R),  Michelle Fischbach (R),  Scott Fitzgerald (R),  Virginia Foxx (R),  Scott Franklin (R),  Russell Fry (R),  Russ Fulcher (R),  Brandon Gill (R),  Carlos Giménez (R),  Craig Goldman (R),  Lance Gooden (R),  Sam Graves (R),  Glenn Grothman (R),  Abraham Hamadeh (R),  Mike Haridopolos (R),  Pat Harrigan (R),  Andy Harris (R),  Diana Harshbarger (R),  Kevin Hern (R),  Clay Higgins (R),  Ashley Hinson (R),  Richard Hudson (R),  Bill Huizenga (R),  Darrell Issa (R),  Brian Jack (R),  Ronny Jackson (R),  Dave Joyce (R),  Nick Langworthy (R),  Bob Latta (R),  Laurel Lee (R),  Tracey Mann (R),  Addison McDowell (R),  John McGuire (R),  Dan Meuser (R),  Carol Miller (R),  John Moolenaar (R),  Barry Moore (R),  Blake Moore (R),  Troy Nehls (R),  Dan Newhouse (R),  Andy Ogles (R),  Burgess Owens (R),  August Pfluger (R),  Mike Rogers (R),  David Rouzer (R),  John Rutherford (R),  Austin Scott (R),  Keith Self (R),  Pete Sessions (R),  Jefferson Shreve (R),  Mike Simpson (R),  Adrian Smith (R),  Elise Stefanik (R),  Greg Steube (R),  Dale Strong (R),  Claudia Tenney (R),  William Timmons (R),  David Valadao (R),  Beth Van Duyne (R),  Ann Wagner (R),  Tim Walberg (R),  Randy Weber (R),  Tony Wied (R),  Roger Williams (R),  Joe Wilson (R),  Rudy Yakym (R), 

Last Action

Referred to the House Committee on Financial Services. (on 02/05/2025)
(1 Companion Bills)

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