Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
Senate Bill 3962
116th Congress(2019-2020)
Asset Growth Restriction Act of 2020
Introduced
Introduced
Introduced in Senate on Jun 15, 2020
Overview
Text
Introduced
Jun 15, 2020
Latest Action
Jun 15, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3962
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Jerry Moran
Kansas
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

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.

Text (1)
Introduced in Senate
June 15, 2020
Actions (2)
06/15/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
06/15/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:46:15 PM
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