S 800
118th Congress
Senate
Taxation
DEPOSIT Act
Introduced: March 14, 2023
Introduced by:
Blumenthal, Richard
Democratic
· Connecticut
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 14, 2023
Read twice and referred to the Committee on Finance.
Mar 14, 2023
Introduced in Senate
Plain-English summary
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 Senate that revenues from such increased taxes be returned to the Deposit Insurance Fund of the Federal Deposit Insurance Corporation.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1