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HR 1656 100th Congress House Finance and Financial Sector Business and commerce Credit unions Government Operations and Politics Government and business Investment of public funds Minorities Minority business enterprises National banks Savings and loan associations Savings banks Socially handicapped

Underutilized Bank Act

Introduced: March 17, 1987 Introduced by: Mfume, Kweisi Democratic · Maryland See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 1, 1987
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Mar 17, 1987
Referred to House Committee on Ways and Means.
Mar 17, 1987
Referred to House Committee on Banking, Finance and Urban Affairs.
Mar 17, 1987
Introduced in House
 Plain-English summary Congressional Research Service

Underutilized Bank Act - Requires the Secretary of the Treasury to develop and carry out a program for the expanded use of underutilized banks by Federal agencies for: (1) depositing Federal funds as demand deposits or otherwise; and (2) depositaries or financial agents. Defines an "underutilized bank" as a bank: (1) at least 51 percent of which is owned by socially and economically disadvantaged individuals; and (2) the management and daily business operations of which are controlled by such individuals.

Requires the Secretary to report to the Congress annually on program activities and recommendations for legislative and executive actions. Provides for the participation of Federal agencies in such program.

What's happening now April 1, 1987

Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1