summary
Introduced
03/20/2017
03/20/2017
In Committee
07/25/2017
07/25/2017
Crossed Over
10/04/2017
10/04/2017
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Municipal Finance Support Act of 2017 (Sec. 2) This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as high-quality liquid assets if they are investment grade, liquid, and readily marketable. Under current law, high-quality assets include level 1, level 2A, and level 2B liquid assets.
AI Summary
This bill, the Municipal Finance Support Act of 2017, amends the Federal Deposit Insurance Act to require certain municipal obligations that are investment grade, liquid, and readily marketable to be treated as high-quality liquid assets, specifically no lower than level 2B liquid assets, for the purposes of the Liquidity Coverage Ratio regulation and any other regulation that incorporates a definition of high-quality liquid assets. The bill directs the appropriate federal banking agencies to update their regulations within 3 months to implement these changes.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (20)
Luke Messer (R)*,
Carlos Curbelo (R),
John Delaney (D),
Brian Fitzpatrick (R),
Richard Hudson (R),
Randy Hultgren (R),
Robin Kelly (D),
Ron Kind (D),
Peter King (R),
Carolyn Maloney (D),
Gregory Meeks (D),
Gwen Moore (D),
Eleanor Holmes Norton (D),
Bruce Poliquin (R),
Dennis Ross (R),
Terri Sewell (D),
Brad Sherman (D),
Kyrsten Sinema (I),
Marc Veasey (D),
Nydia Velázquez (D),
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 10/04/2017)
Official Document
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