legislation: 117-s-5347

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
117-s-5347 117 s 5347 Asset Growth Restriction Act of 2022 Finance and Financial Sector 2022-12-21 2022-12-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Senate Sen. Moran, Jerry [R-KS] KS R M000934 0 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. 2023-11-19T21:34:59Z  

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