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HR 4590 117th Congress House Finance and Financial Sector Banking and financial institutions regulation Financial services and investments Government information and archives Government studies and investigations Minority and disadvantaged businesses

Promoting New and Diverse Depository Institutions Act

Introduced: July 27, 2021 Introduced by: Auchincloss, Jake Democratic · Massachusetts See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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 14 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2022
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 26, 2022
Motion to reconsider laid on the table Agreed to without objection.
Jul 26, 2022
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7150-7151)
Jul 26, 2022
Passed/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, 2022
DEBATE - The House proceeded with forty minutes of debate on H.R. 4590.
Jul 26, 2022
Considered under suspension of the rules. (consideration: CR H7150-7152)
Jul 26, 2022
Ms. Waters moved to suspend the rules and pass the bill, as amended.
Jan 20, 2022
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.
Jan 20, 2022
Placed on the Union Calendar, Calendar No. 163.
Jul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Jul 29, 2021
Committee Consideration and Mark-up Session Held.
Jul 28, 2021
Committee Consideration and Mark-up Session Held.
Jul 21, 2021
Referred to the House Committee on Financial Services.
Jul 21, 2021
Introduced in House
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 Plain-English summary Congressional Research Service

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.)

What's happening now July 27, 2022

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

 Related & companion bills 1
  • HR 2543 Related bill Financial Services Racial Equity, Inclusion, and Economic Justice Act
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 5
All 5 Democratic 2
D
Davis, Danny K.
Illinois · Jan 13, 2022
Kildee, Daniel
· Sep 23, 2021
 D
Green, Al
Texas · Jul 27, 2021
McHenry, Patrick
· Jul 27, 2021
Taylor, Van
· Jul 27, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4590: Promoting New and Diverse Depository Institutions Act. 117th Congress. Open America. https://openamerica.io/bill/117-HR-4590/
MLA
"H.R. 4590: Promoting New and Diverse Depository Institutions Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-4590/.
Bluebook (legal)
H.R. 4590, 117th Cong. (2026), https://openamerica.io/bill/117-HR-4590/.
Markdown link
[H.R. 4590: Promoting New and Diverse Depository Institutions Act](https://openamerica.io/bill/117-HR-4590/)
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