Promoting New and Diverse Depository Institutions Act
Latest action · Jul 27, 2022 Received in the Senate and 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.
- IntroducedJul 21, 2021
- Passed HouseJul 26, 2022
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Promoting New and Diverse Depository Institutions Act
This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.
The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Jul 27, 2021 to Jan 13, 2022.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Al Green | Jul 27, 2021 | |
| R-NC | Patrick T. McHenry | Jul 27, 2021 | |
| R-TX | Van Taylor | Jul 27, 2021 | |
| D-MI | Daniel T. Kildee | Sep 23, 2021 | |
| D-IL | Danny K. Davis | Jan 13, 2022 |
Committees 2
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 Jul 21, 2021Markup Jul 28, 2021Markup Jul 29, 2021Reported Jan 20, 2022 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 27, 2022 |
Actions 13
Everything that happened, newest first.
- Jul 27, 2022Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 26, 2022Ms. Waters moved to suspend the rules and pass the bill, as amended.
- Jul 26, 2022Considered under suspension of the rules. (consideration: CR H7150-7152)
- Jul 26, 2022DEBATE - The House proceeded with forty minutes of debate on H.R. 4590.
- Jul 26, 2022Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7150-7151)
- Jul 26, 2022Motion to reconsider laid on the table Agreed to without objection.
- Jan 20, 2022Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.
- Jan 20, 2022Placed on the Union Calendar, Calendar No. 163.
- Jul 29, 2021Committee Consideration and Mark-up Session Held.
- Jul 29, 2021Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
- Jul 28, 2021Committee Consideration and Mark-up Session Held.
- Jul 21, 2021Introduced in House
- Jul 21, 2021Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H7150–H7152Text printed H7150Notices H7163Estimated budget effects of H.R. 4590, Promoting New and Diverse Depository Institutions ActTables H7163Estimated pay-as-you-go effects of H.R. 4590, Promoting New and Diverse Depository Institutions Act | J. French Hill R-AR, Jake Auchincloss D-MA, John A. Yarmuth D-KY, Maxine Waters D-CA | Jul 26, 2022 |
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.
Committee report
Congressional Budget Office cost estimates 2
- Jul 26, 2022H.R. 4590, the Promoting New and Diverse Depository Institutions ActAs Posted on the Website of the Clerk of the House on July 25, 2022
- Nov 29, 2021H.R. 4590, Promoting New and Diverse Depository Institutions ActAs ordered reported by the House Committee on Financial Services on July 29, 2021
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 128, July 21, 2021, page H3803.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2543 | Financial Services Racial Equity, Inclusion, and Economic Justice Act | Related bill | Jun 21, 2022 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require the Federal banking regulators to jointly conduct a study and develop a strategic plan to address challenges faced by proposed depository institutions seeking de novo depository institution charters; and for other purposes.
- Short Title(s) as Introduced
- Promoting New and Diverse Depository Institutions Act
- Short Title(s) as Reported to House
- Promoting New and Diverse Depository Institutions Act
- Short Title(s) as Passed House
- Promoting New and Diverse Depository Institutions Act
- Short Titles from RFS (Referred to Senate) bill text
- Promoting New and Diverse Depository Institutions Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Jul 27, 2022Referred in Senate
- Jul 26, 2022Engrossed in House
- Jan 20, 2022Reported in House
- Jul 21, 2021Introduced in House
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.
