DEPOSIT Act

Hozzl · 2023-12-15T15:55:44Z

Explore the details of House Bill 1654 DEPOSIT Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:55 PM

Summary of Bill HR 1654

The DEPOSIT Act, also known as Bill 118 hr 1654, is a piece of legislation introduced in the US Congress that aims to address issues related to the banking industry. The main goal of the DEPOSIT Act is to improve access to banking services for individuals and businesses in underserved communities.

One of the key provisions of the DEPOSIT Act is the establishment of a grant program that would provide funding to banks and credit unions in order to help them expand their services in areas that are currently lacking access to traditional banking options. This program would prioritize institutions that are willing to offer low-cost accounts and other financial products to underserved populations.

Additionally, the DEPOSIT Act includes measures to promote financial literacy and education, particularly in communities where individuals may not have access to traditional banking services. This includes funding for programs that provide financial education to individuals and small businesses, as well as initiatives to increase awareness of the importance of saving and investing. Overall, the DEPOSIT Act is aimed at addressing the disparities in access to banking services that exist in many communities across the United States. By providing funding and support to financial institutions that are willing to expand their services in underserved areas, the DEPOSIT Act seeks to promote financial inclusion and economic empowerment for all Americans.

Congressional Summary of HR 1654

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

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Current Status of Bill HR 1654

Bill HR 1654 is currently in the status of Bill Introduced since March 17, 2023. Bill HR 1654 was introduced during Congress 118 and was introduced to the House on March 17, 2023. Bill HR 1654's most recent activity was Referred to the House Committee on Ways and Means. as of March 17, 2023

Bipartisan Support of Bill HR 1654

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 1654

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1654

DEPOSIT Act

Deliver Executive Profits On Seized Institutions to Taxpayers Act

To amend the Internal Revenue Code of 1986 to impose a higher rate of tax on bonuses and profits from sales of stock received by executives employed by failing banks that were closed and for which the Federal Deposit Insurance Corporation has been appointed as conservator or receiver.