S. 3962 · 116th Congress
Asset Growth Restriction Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
MoranSponsorNo cosponsors.
This bill repeals restrictions related to brokered deposits and provides for asset growth restrictions applicable to insured depository institutions.
What it does: CRS summary · Introduced in Senate · Jun 15, 2020
Asset Growth Restriction Act of 2020
This bill repeals restrictions related to brokered deposits and provides for asset growth restrictions applicable to insured depository institutions.
Brokered deposits are deposits made to an insured institution, such as a bank, through a third-party broker for investment purposes. Currently, only well-capitalized banks are allowed to solicit and accept brokered deposits, while institutions that are adequately capitalized may accept if granted a waiver. Undercapitalized banks are prohibited from accepting these deposits.
The bill repeals these brokered deposit restrictions and directs the Federal Deposit Insurance Corporation to establish limits on growth of average total assets for less than well-capitalized institutions to maintain their safety and soundness.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Asset Growth Restriction Act of 2020
Latest action (Jun 15, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 15, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.