Bill
Bill > HR2403
summary
Introduced
05/08/2017
05/08/2017
In Committee
05/08/2017
05/08/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Keeping Capital Local for Underserved Communities Act of 2017
AI Summary
This bill, the Keeping Capital Local for Underserved Communities Act of 2017, amends the Federal Deposit Insurance Act to create a limited exception where reciprocal deposits, which are deposits an insured depository institution (the "agent institution") places through a deposit placement network at other insured depository institutions, are not considered to be funds obtained through a deposit broker. This exception applies if the agent institution has a good or outstanding composite condition, is well-capitalized, and the total amount of reciprocal deposits does not exceed $10 billion or 20% of the agent institution's total liabilities. The bill also places restrictions on the interest rates that agent institutions can pay on reciprocal deposits when they are not well-capitalized.
Committee Categories
Business and Industry
Sponsors (21)
Gwen Moore (D)*,
Don Beyer (D),
Lisa Blunt Rochester (D),
Lacy Clay (D),
Emanuel Cleaver (D),
Rosa DeLauro (D),
Tom Emmer (R),
Denny Heck (D),
French Hill (R),
Bill Huizenga (R),
Frank Lucas (R),
Carolyn Maloney (D),
Gregory Meeks (D),
Luke Messer (R),
Robert Pittenger (R),
Mark Pocan (D),
Tim Ryan (D),
Kyrsten Sinema (I),
Steve Stivers (R),
Maxine Waters (D),
Lee Zeldin (R),
Last Action
Referred to the House Committee on Financial Services. (on 05/08/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/2403/all-info |
| BillText | https://www.congress.gov/115/bills/hr2403/BILLS-115hr2403ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2403/BILLS-115hr2403ih.pdf.pdf |
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