A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes.
Latest action · Apr 5, 2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 5, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as level 2B liquid assets if they are investment grade, liquid, and readily marketable. Under current law, corporate debt securities and publicly traded common-equity shares, but not municipal obligations, may be treated as level 2B liquid assets (which are considered to be high-quality assets).
Cosponsors 13
Members who signed on, in the order they did. Signatures ran from Apr 5, 2017 to Aug 2, 2017, with 10 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles E. Schumer | Original | Apr 5, 2017 |
| D-MD | Chris Van Hollen | Original | Apr 5, 2017 |
| D-ND | Heidi Heitkamp | Original | Apr 5, 2017 |
| D-IN | Joe Donnelly | Original | Apr 5, 2017 |
| R-LA | John Kennedy | Original | Apr 5, 2017 |
| D-MT | Jon Tester | Original | Apr 5, 2017 |
| D-VA | Mark R. Warner | Original | Apr 5, 2017 |
| R-NC | Thom Tillis | Original | Apr 5, 2017 |
| R-SC | Tim Scott | Original | Apr 5, 2017 |
| R-AR | Tom Cotton | Original | Apr 5, 2017 |
| R-GA | David Perdue | Apr 7, 2017 | |
| D-MN | Amy Klobuchar | Jun 14, 2017 | |
| D-MI | Debbie Stabenow | Aug 2, 2017 |
Actions 2
Everything that happened, newest first.
- Apr 5, 2017Introduced in Senate
- Apr 5, 2017Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1624 | Municipal Finance Support Act of 2017 | Related bill | Oct 4, 2017 |
| S 2155 | Economic Growth, Regulatory Relief, and Consumer Protection Act | Related bill | May 24, 2018 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- Securities
- State and local finance
Text 1
Each version as it was printed, newest first.
- Apr 5, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
