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119th Congress

H.R. 3234

Keeping Deposits Local Act

  1. Introduced
  2. In committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor
Tom Emmer(R-MN)
Introduced
May 7, 2025
Policy area
Finance and Financial Sector
Committees
House Committee on Financial Services; Senate Committee on Banking, Housing, and Urban Affairs
Official text
Referred in Senate · Congress.gov page

Cosponsors (11)

Original cosponsors (3)

Added later (8)

Summary

Summary by the Congressional Research Service· describes the “Introduced in House” version

This bill increases the amount insured depository institutions may accept as reciprocal deposits. (Reciprocal deposits are used by institutions to increase the availability of deposit insurance by splitting large deposits using a reciprocal network of institutions.) The bill creates a tiered system so that the allowable amount is based on the institution's total liabilities. Additionally, the bill changes certain qualifications insured depository institutions may be required to have to accept reciprocal deposits. Under current law, institutions may qualify by having a composite rating of outstanding or good, among other requirements. The bill allows institutions with a 1, 2, or 3 rating under the CAMELS scale to qualify. (The Uniform Financial Institutions Rating System uses the characteristics of capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (i.e., CAMELS ratings) to rate the health of financial institutions, with a 1 indicating the highest rating and least degree of supervisory concern and a 5 indicating the lowest rating and highest degree of supervisory concern.)

Roll-call votes

DateVoteResultYour members
May 20, 2026
House #177		On Motion to Suspend the Rules and Pass, as Amended: Keeping Deposits Local ActPassedSet your home to see

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