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House Bill 3234
119th Congress(2025-2026)
Keeping Deposits Local Act
Introduced
Introduced
Introduced in House on May 7, 2025
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H. R. 3234 (Reported-in-House)

Union Calendar No. 314

119th CONGRESS
1st Session
H. R. 3234

[Report No. 119–362]


To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

May 7, 2025

Mr. Emmer (for himself, Mrs. Beatty, Mr. Meuser, and Ms. Moore of Wisconsin) introduced the following bill; which was referred to the Committee on Financial Services

November 4, 2025

Additional sponsors: Mr. Barr, Mr. Flood, Mr. Williams of Texas, Mr. Ezell, Mr. Sessions, Mr. Golden of Maine, Mr. Bergman, and Mr. Rogers of Alabama

November 4, 2025

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]

[For text of introduced bill, see copy of bill as introduced on May 7, 2025]

A BILL

To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Keeping Deposits Local Act”.

SEC. 2. Amount of reciprocal deposits that are not considered to be funds obtained by or through a deposit broker.

Section 29(i) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)) is amended by striking paragraph (1) and inserting the following:

“(1) IN GENERAL.—The sum of the following amounts of reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker:

“(A) An amount equal to 50 percent of the portion of the total liabilities of the agent institution that is less than or equal to $1,000,000,000.

“(B) An amount equal to 40 percent of the portion, if any, of the total liabilities of the agent institution that is greater than $1,000,000,000, but less than or equal to $10,000,000,000.

“(C) An amount equal to 30 percent of the portion, if any, of the total liabilities of the agent institution that is greater than $10,000,000,000, but less than or equal to $250,000,000,000.”.

SEC. 3. Definition of Agent Institution.

Section 29(i)(2)(A)(i) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(2)(A)(i)) is amended by striking subclause (I) and inserting the following:

“(I) when most recently examined under section 10(d) was assigned a CAMELS rating of 1, 2, or 3 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and”.

SEC. 4. Reciprocal deposits study.

(a) In general.—The Federal Deposit Insurance Corporation, in consultation with the Board of Governors of the Federal Reserve System, shall carry out a study on reciprocal deposits.

(b) Contents.—The study required under subsection (a) shall include—

(1) an analysis of how reciprocal deposits have performed since 2018, which shall include—

(A) the use of quantitative and qualitative data;

(B) a breakdown of the usage of reciprocal deposits by size of insured depository institution;

(C) the usage of reciprocal deposits during periods of stress; and

(D) an analysis, to the extent practicable, of end-user depositors, such as municipalities, businesses, and non-profit organizations, that drive demand for reciprocal products;

(2) an analysis, to the extent practicable, of how reciprocal deposits compare to other deposit arrangements; and

(3) an analysis of the benefits and potential risks of reciprocal deposits.

(c) Report.—Not later than 6 months after the date of enactment of this Act, the Federal Deposit Insurance Corporation shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the report required under subsection (a).

Union Calendar No. 314

119th CONGRESS
     1st Session
H. R. 3234
[Report No. 119–362]
A BILL
To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
November 4, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed