S. 825 · 118th Congress
Protecting Consumers from Bailouts Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HawleySponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill places limitations on special assessments imposed by the Federal Deposit Insurance Corporation (FDIC) on banks. (After the FDIC assists an institution in an emergency such as a bank failure, these special assessments are levied by the FDIC to recover costs.) The bill also grants the FDIC authority to recover certain compensation paid to an officer.
What it does: CRS summary · Introduced in Senate · Mar 15, 2023
Protecting Consumers from Bailouts Act
This bill places limitations on special assessments imposed by the Federal Deposit Insurance Corporation (FDIC) on banks. (After the FDIC assists an institution in an emergency such as a bank failure, these special assessments are levied by the FDIC to recover costs.) The bill also grants the FDIC authority to recover certain compensation paid to an officer.
Specifically, the bill prohibits the FDIC from imposing a special assessment on banks with assets under $10 billion. The bill also prohibits depository institutions that are required to pay a special assessment in connection with the March 2023 emergency involving Silicon Valley Bank and Signature Bank from increasing customer fees or charges to offset these costs.
The bill also grants the FDIC the authority to seek reimbursement of any incentive-based compensation paid during the previous year to an officer of an institution in FDIC receivership.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting Consumers from Bailouts Act
Latest action (Mar 15, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 15, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.