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S 1597 113th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Consumer Financial Protection Bureau Gambling Marketing and advertising Organized crime Postal service

American Savings Promotion Act

Introduced: October 29, 2013 Introduced by: Moran, Jerry Republican · Kansas See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 29, 2013
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 29, 2013
Introduced in Senate
 Plain-English summary Congressional Research Service

American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a "savings promotion raffle," in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or program, where each ticket or entry has an equal chance of being drawn. Subjects such a drawing contest to regulations promulgated by the appropriate prudential regulator.

Excludes such a "savings promotion raffle" from the prohibition against a covered financial institution's dealing in "lottery" tickets.

Amends the federal criminal code to exempt savings promotion raffles conducted by an insured depository institution or an insured credit union from specified prohibitions against interstate and foreign travel or transportation in aid of racketeering enterprises.

What's happening now October 29, 2013

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1