A bill to amend the Federal Reserve Act to prohibit certain financial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.

2/20/2025, 11:56 AM

Summary of Bill S 401

Bill 119 s 401, also known as the Fair Access to Financial Services Act, aims to amend the Federal Reserve Act in order to prevent certain financial service providers from accessing taxpayer-funded discount window lending programs if they are found to be denying fair access to financial services. The bill seeks to hold these providers accountable for their actions and ensure that they are not benefiting from government assistance while engaging in discriminatory practices.

The main purpose of this bill is to promote fairness and equality in the financial services industry by prohibiting institutions that engage in discriminatory practices from receiving support from taxpayer-funded programs. By doing so, the bill aims to protect consumers from being unfairly denied access to financial services based on factors such as race, gender, or socioeconomic status.

Overall, the Fair Access to Financial Services Act is a step towards ensuring that all individuals have equal opportunities to access financial services and are not discriminated against by financial institutions. It highlights the importance of accountability and transparency in the industry, and aims to create a more inclusive and fair financial system for all Americans.

Current Status of Bill S 401

Bill S 401 is currently in the status of Bill Introduced since February 4, 2025. Bill S 401 was introduced during Congress 119 and was introduced to the Senate on February 4, 2025. Bill S 401's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 4, 2025

Bipartisan Support of Bill S 401

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 401

Primary Policy Focus

Alternate Title(s) of Bill S 401

A bill to amend the Federal Reserve Act to prohibit certain financial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.A bill to amend the Federal Reserve Act to prohibit certain financial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.

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