Bank Safety Act of 2024
Latest action · Nov 1, 2024 Placed on the Union Calendar, Calendar No. 612.
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.
- IntroducedJun 20, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Bank Safety Act of 2023
This bill requires additional bank holding companies and insured depository institutions (i.e., those with over $100 billion in assets) to use certain information when calculating capital for purposes of meeting risk-based capital requirements. Specifically, these calculations must include certain unrealized gains and losses (i.e., accumulated other comprehensive income), except for accumulated net gains and losses on cash flow hedges related to items that are not recognized at fair value. Currently, only very large institutions are required to include this type of income in their capital calculations, while other institutions are allowed to opt out.
Cosponsors 1
Members who signed on, in the order they did. All signed on Apr 12, 2024.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Sean Casten | Apr 12, 2024 |
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 Jun 20, 2023Markup Apr 17, 2024Reported Nov 1, 2024 |
Actions 6
Everything that happened, newest first.
- Nov 1, 2024Reported (Amended) by the Committee on Financial Services. H. Rept. 118-725.
- Nov 1, 2024Placed on the Union Calendar, Calendar No. 612.
- Apr 17, 2024Committee Consideration and Mark-up Session Held
- Apr 17, 2024Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
- Jun 20, 2023Introduced in House
- Jun 20, 2023Referred 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.
Committee report
Congressional Budget Office cost estimate
- Oct 11, 2024H.R. 4206, Bank Safety Act of 2023As ordered reported by the House Committee on Financial Services on April 17, 2024
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 107, June 20, 2023, page H2991.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IN12376 | Banking Legislation in the 118th Congress | Insight | Jun 13, 2024 |
| IN12231 | Banks’ Unrealized Losses, Part 1: New Treatment in the “Basel III Endgame” Proposal | Insight | Apr 22, 2024 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Financial Stability Act of 2010 to require covered financial institutions to include elements of accumulated other comprehensive income when calculating capital for purposes of meeting capital requirements, and for other purposes.
- Short Title(s) as Introduced
- Bank Safety Act of 2023
- Short Title(s) as Reported to House
- Bank Safety Act of 2024
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Nov 1, 2024Reported in House
- Jun 20, 2023Introduced 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.
