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

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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 Senate that revenues from such increased taxes be returned to the Deposit Insurance Fund of the Federal Deposit Insurance Corporation.

What's happening now March 14, 2023

Read twice and referred to the Committee on Finance.

Related & companion bills 1

Bill text 1 version