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S. 2348 118th Congress Senate

Payments Modernization Act of 2023

Official title: A bill to amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes.

Introduced: July 18, 2023 Introduced by: Chris Van Hollen Democratic · Maryland See on congress.gov
Finance and Financial Sector
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Jul 18, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 18, 2023
Introduced in Senate
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 Latest action July 18, 2023

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

 Plain-English summary Congressional Research Service

Payments Modernization Act of 2023

This bill requires depository institutions to make deposits available for withdrawal in real time. Under current law, deposits must be made available according to specified schedules based on the type of deposit. 

The Government Accountability Office must publish a study on the impact payment delays have on disadvantaged communities.

 Related & companion bills 1
  • HR 5039 Identical bill Payments Modernization Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Warren, Elizabeth
Massachusetts · Jul 18, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2348: Payments Modernization Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-2348/
MLA
"S. 2348: Payments Modernization Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2348/.
Bluebook (legal)
S. 2348, 118th Cong. (2026), https://openamerica.io/bill/118-S-2348/.
Markdown link
[S. 2348: Payments Modernization Act of 2023](https://openamerica.io/bill/118-S-2348/)
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