Bill > HR6556

This bill, titled the "Failing Bank Acquisition Fairness Act," aims to restrict the use of exceptions to concentration limits, which are rules that prevent a single entity from controlling too much of the banking market, when a bank is in default or in danger of default. Specifically, these exceptions can only be used if the relevant government agency, such as the Federal Deposit Insurance Corporation (FDIC) or the Board of Governors of the Federal Reserve System, determines with clear and convincing evidence that allowing the merger is essential to prevent significant economic disruption or negative impacts on financial stability, and if no other suitable bids from companies not subject to these concentration limits were received. The bill also defines what constitutes a "qualified bid" from a company that is "well capitalized" and "well managed," and requires agencies that grant these waivers to submit a detailed report to Congress explaining their decision and to make this report publicly available, with certain confidential information redacted. Furthermore, it prevents agencies from considering bids that would violate these concentration limits when determining the least costly option for resolving a failing bank.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6556/all-info