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S 5347 117th Congress Senate Finance and Financial Sector

Asset Growth Restriction 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

Asset Growth Restriction Act of 2022

This bill repeals restrictions related to brokered deposits and provides for asset growth restrictions applicable to insured depository institutions.

Brokered deposits are deposits made to an insured institution, such as a bank, through a third-party broker for investment purposes. Currently, only well-capitalized banks are allowed to solicit and accept brokered deposits, while institutions that are adequately capitalized may accept if granted a waiver. Undercapitalized banks are prohibited from accepting these deposits.

The bill repeals these brokered deposit restrictions and directs the Federal Deposit Insurance Corporation to establish limits on growth of average total assets for less than well-capitalized institutions to maintain their safety and soundness.

What's happening now December 21, 2022

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

 Committees of jurisdiction 1