H.R. 5027 · 114th Congress
To amend the Federal Reserve Act to adjust the circumstances under which Federal reserve bank stock is…
Full title
To amend the Federal Reserve Act to adjust the circumstances under which Federal reserve bank stock is callable, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
NeugebauerSponsor2 cosponsors · 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Federal Reserve Act to revise the formula for subscription of national banking associations to the stock of their regional Federal Reserve Bank.
What it does: CRS summary · Introduced in House · Apr 21, 2016
This bill amends the Federal Reserve Act to revise the formula for subscription of national banking associations to the stock of their regional Federal Reserve Bank.
Instead of one-sixth of an association's subscription to be payable on call by the Board of Governors of the Federal Reserve System, a member bank shall pay one-twelfth of its subscription when the Federal Reserve Board directs, and the remainder subject to the call of the Board.
If a member bank has total consolidated assets of $10 billion or less, however, it may elect to pay one-half of its subscription instead of one-twelfth, but only once, and only within the first year after it becomes a member bank.
The bill makes similar revisions to the formula for an increase in a member bank's capital stock or surplus.
The Board may only call the subscription of a member bank if the aggregate amount of surplus funds of the Federal Reserve Banks is exhausted.
A member bank may elect to have called amounts returned to it if the aggregate amount of surplus funds of the Federal Reserve Banks is $1 billion or more.
The Board shall make annually inflation adjustments to the dollar amounts of total consolidated assets specified in the Act and in this bill to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis of the Department of Commerce.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Federal Reserve Act to adjust the circumstances under which Federal reserve bank stock is callable, and for other purposes.
Latest action (Apr 21, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 21, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.