S. 1597 · 113th Congress
American Savings Promotion Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
MoranSponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a "savings promotion raffle," in which the sole consideration required for a chance of winning designated…
What it does: CRS summary · Introduced in Senate · Oct 29, 2013
American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a "savings promotion raffle," in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or program, where each ticket or entry has an equal chance of being drawn. Subjects such a drawing contest to regulations promulgated by the appropriate prudential regulator.
Excludes such a "savings promotion raffle" from the prohibition against a covered financial institution's dealing in "lottery" tickets.
Amends the federal criminal code to exempt savings promotion raffles conducted by an insured depository institution or an insured credit union from specified prohibitions against interstate and foreign travel or transportation in aid of racketeering enterprises.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: American Savings Promotion Act
Latest action (Oct 29, 2013): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Oct 29, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.