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S. 3404 114th Congress Senate

A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes.

Introduced: September 27, 2016 Introduced by: Mike Rounds Republican · South Dakota See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationDepartment of the Treasury
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Federal Deposit Insurance Corporation (FDIC)Federal Reserve SystemFinancial services and investmentsSecuritiesState and local finance
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 27, 2016
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 27, 2016
Introduced in Senate
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 Latest action September 27, 2016

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

 Plain-English summary Congressional Research Service

This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as level 2B liquid assets if they are investment grade, liquid, and readily marketable. Under current law, corporate debt securities and publicly traded common-equity shares, but not municipal obligations, may be treated as level 2B liquid assets (which are considered to be high-quality assets).

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 2 Republican 2
R
Moran, Jerry
Kansas · Sep 27, 2016
 D
Schumer, Charles E.
New York · Sep 27, 2016
 R
Scott, Tim
South Carolina · Sep 27, 2016
Vitter, David
· Sep 27, 2016
 D
Warner, Mark R.
Virginia · Sep 27, 2016
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3404: A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes.. 114th Congress. Open America. https://openamerica.io/bill/114-S-3404/
MLA
"S. 3404: A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes.." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-3404/.
Bluebook (legal)
S. 3404, 114th Cong. (2026), https://openamerica.io/bill/114-S-3404/.
Markdown link
[S. 3404: A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes.](https://openamerica.io/bill/114-S-3404/)
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