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S 5346 117th Congress Senate Finance and Financial Sector

Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022

Introduced: December 21, 2022 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
Dec 21, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 21, 2022
Introduced in Senate
 Plain-English summary Congressional Research Service

Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022

This bill excludes affiliates and subsidiaries of an insured depository institution from certain limitations applicable to brokered deposits. (Brokered deposits are a type of deposit accepted by an institution from a third-party deposit broker for investment purposes. Institutions that accept brokered deposits are subject to additional regulatory requirements, including those related to liquidity.)

The bill also expands the definition of an employee of an insured depository institution, thereby exempting these individuals from treatment as a deposit broker. Specifically, the bill includes as an employee (1) an individual who receives compensation in any form from an insured depository institution or from an affiliate or subsidiary, and (2) a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution.

What's happening now December 21, 2022

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

 Committees of jurisdiction 1