Small Business Stability Act

Hozzl · 2024-01-26T14:15:16Z

Explore the details of House Bill 3243 Small Business Stability 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.

1/26/2024, 2:15 PM

Summary of Bill HR 3243

The Small Business Stability Act, also known as Bill 118 hr 3243, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide support and stability to small businesses across the country.

One key provision of the Small Business Stability Act is the establishment of a grant program to assist small businesses that have been negatively impacted by economic downturns or other unforeseen circumstances. These grants would be used to help small businesses cover operating expenses, retain employees, and stay afloat during difficult times.

Additionally, the bill includes measures to streamline the process for small businesses to access loans and other financial assistance. This would make it easier for small businesses to navigate the complex world of government funding and support. Overall, the Small Business Stability Act aims to provide much-needed support to the backbone of the American economy - small businesses. By offering grants, streamlining processes, and providing assistance during tough times, this bill seeks to ensure the stability and success of small businesses across the country.

Congressional Summary of HR 3243

Small Business Stability Act

This bill allows the Federal Deposit Insurance Corporation (FDIC) to guarantee an insured depository institution's uninsured deposits in noninterest-bearing transaction accounts for a single period not to exceed 60 days without complying with requirements to minimize cost to the Deposit Insurance Fund. This authority requires (1) written recommendations from the FDIC board and the Board of Governors of the Federal Reserve System, and (2) a determination from the Department of the Treasury that this step would avoid or mitigate adverse effects on the stability of the banking system.

Read the Full Bill

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Current Status of Bill HR 3243

Bill HR 3243 is currently in the status of Bill Introduced since May 11, 2023. Bill HR 3243 was introduced during Congress 118 and was introduced to the House on May 11, 2023. Bill HR 3243's most recent activity was Referred to the House Committee on Financial Services. as of May 11, 2023

Bipartisan Support of Bill HR 3243

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 3243

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 3243

Small Business Stability Act

To amend the Federal Deposit Insurance Act to allow the Board of Directors of the Federal Deposit Insurance Corporation to guarantee noninterest-bearing transaction accounts for a certain period, and for other purposes.