HR 1654 118th Congress House Taxation

DEPOSIT Act

Introduced: March 17, 2023 Introduced by: Schiff, Adam B. Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 17, 2023

Referred to the House Committee on Ways and Means.

Mar 17, 2023

Introduced in House

Plain-English summary Congressional Research Service

Deliver Executive Profits On Seized Institutions to Taxpayers Act or the DEPOSIT Act

This bill imposes an increased tax rate on bonuses paid after March 1, 2023, and profits from sales of bank stock received by highly-paid bank executives employed by failing banks that were closed and for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver. The bill expresses the sense of the Congress that revenues from such increased taxes be returned to the Deposit Insurance Fund of the Federal Deposit Insurance Corporation.

What's happening now March 17, 2023

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1