HR 907 · 116th Congress 2019–2021, ended

To clarify exclusions from the definition of a deposit broker.

Introduced Jan 30, 2019 Originated House Sponsor Darin LaHood R-IL

Latest action · Jan 30, 2019 Referred to the House Committee on Financial Services.

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.

IntroducedJan 30, 2019
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

This bill excludes from the definition of "deposit broker" an entity that is an exclusive agent of an insurance company and an affiliated depository institution. Deposit brokers place, or facilitate the placement of, deposits in a depository institution. Generally, under current law, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit. This bill excludes certain deposits from those restrictions.

Cosponsors 2

Members who signed on, in the order they did. Signatures ran from Jan 30, 2019 to Feb 5, 2019; 1 is an original cosponsor, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-IL	Cheri Bustos	Original	Jan 30, 2019
R-IL	Rodney Davis		Feb 5, 2019

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Financial Services Committee	Referred Jan 30, 2019

Actions 2

Everything that happened, newest first.

Jan 30, 2019Introduced in House
Jan 30, 2019Referred to the House Committee on Financial Services.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: ARTICLE I, SECTION 8, CLAUSE 18 The Congress shall have Power To . . . make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.

The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 19, January 30, 2019, page H1338.

Related bills 1

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
HR 6866	To clarify exclusions from the definition of a deposit broker.	Reintroduction of	Sep 24, 2018

Titles 1

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To clarify exclusions from the definition of a deposit broker.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Jan 30, 2019Introduced in House

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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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.