US S828

Bill

A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes.

Introduced
04/05/2017

In Committee
04/05/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes. This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as level 2B liquid assets if they are investment grade, liquid, and readily marketable. Under current law, corporate debt securities and publicly traded common-equity shares, but not municipal obligations, may be treated as level 2B liquid assets (which are considered to be high-quality assets).

AI Summary

This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as level 2B liquid assets if they are investment grade, liquid, and readily marketable. Under current law, corporate debt securities and publicly traded common-equity shares, but not municipal obligations, may be treated as level 2B liquid assets, which are considered high-quality assets. The bill directs the appropriate federal banking agencies to amend their regulations within 90 days to implement these changes.

Committee Categories

Housing and Urban Affairs

Sponsors (14)

Mike Rounds (R)*, Tom Cotton (R), Joe Donnelly (D), Heidi Heitkamp (D), John Neely Kennedy (R), Amy Klobuchar (D), David Perdue (R), Chuck Schumer (D), Tim Scott (R), Debbie Stabenow (D), Jon Tester (D), Thom Tillis (R), Chris Van Hollen (D), Mark Warner (D),

Last Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 04/05/2017)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/828/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/828/all-info
BillText	https://www.congress.gov/115/bills/s828/BILLS-115s828is.pdf
Bill	https://www.congress.gov/115/bills/s828/BILLS-115s828is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1624	Municipal Finance Support Act of 2017	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Related
HRes905	Providing for consideration of the bill (H.B. 5515) to authorize appropriations for fiscal year 2019 for military activities of the Department of Defense and for military construction, to prescribe military personnel strengths for such fiscal year, and for other purposes; providing for consideration of the bill (S. 204) to authorize the use of unapproved medical products by patients diagnosed with a terminal illness in accordance with State law, and for other purposes; and providing for consider	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S2155	Economic Growth, Regulatory Relief, and Consumer Protection Act	Became Public Law No: 115-174.	Related

Bill > S828

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (14)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary