Promoting New and Diverse Depository Institutions Act

Hozzl · 2024-04-17T23:44:53Z

Explore the details of House Bill 4590 Promoting New and Diverse Depository Institutions Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

4/17/2024, 11:44 PM

Summary of Bill HR 4590

Bill 117 HR 4590, also known as the Promoting New and Diverse Depository Institutions Act, aims to promote the establishment and growth of new and diverse depository institutions in the United States. The bill seeks to address the lack of diversity in the banking industry by providing support and resources to minority-owned and women-owned depository institutions.

The key provisions of the bill include the establishment of a grant program to provide funding for new depository institutions that are owned by minorities or women. The bill also includes measures to increase access to capital for these institutions, as well as technical assistance and training programs to help them succeed in the competitive banking industry.

Additionally, the bill calls for the creation of a task force to study and make recommendations on ways to promote diversity and inclusion in the banking industry. The task force will be composed of representatives from various federal agencies, as well as experts in the field of banking and finance. Overall, the Promoting New and Diverse Depository Institutions Act aims to address the lack of diversity in the banking industry and provide support for new and diverse depository institutions to thrive and succeed.

Congressional Summary of HR 4590

Promoting New and Diverse Depository Institutions Act

This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

Read the Full Bill

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Current Status of Bill HR 4590

Bill HR 4590 is currently in the status of Introduced to Senate since July 27, 2022. Bill HR 4590 was introduced during Congress 117 and was introduced to the House on July 21, 2021. Bill HR 4590's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of July 27, 2022

Bipartisan Support of Bill HR 4590

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4590

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Banking and financial institutions regulation

- Financial services and investments

- Government information and archives

- Government studies and investigations

- Minority and disadvantaged businesses

Alternate Title(s) of Bill HR 4590

Promoting New and Diverse Depository Institutions Act

To require the Federal banking regulators to jointly conduct a study and develop a strategic plan to address challenges faced by proposed depository institutions seeking de novo depository institution charters; and for other purposes.

Promoting New and Diverse Depository Institutions Act