Expressing support for the designation of the first Wednesday in October as National Energy Appreciation Day to celebrate the people who work to power the United States and the economy and to build awareness of the important role that America's energy producers play in reducing poverty, strengthening national security, and improving the quality of life for people around the world.
- Last Action
- 10/3/2023
Actions
- 2024-12-03Placed on the Union Calendar, Calendar No. 649.
- 2024-12-03Reported (Amended) by the Committee on Financial Services. H. Rept. 118-786.
- 2024-12-03Reported (Amended) by the Committee on Financial Services. H. Rept. 118-786.
- 2024-05-16Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 22.
- 2024-05-16Committee Consideration and Mark-up Session Held
- 2023-02-02Referred to the House Committee on Financial Services.
- 2023-02-02Introduced in House
- 2023-02-02Introduced in House
CRS Summary
As of 2023-02-02 (00)
Promoting Access to Capital in Underbanked Communities Act of 2023
This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations.
Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution may request to deviate from an approved business plan and the appropriate agency has 30 days to approve or deny the request.
In addition, the community bank leverage ratio—a way of evaluating debt levels—is reduced for certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio is 9%.
Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
Cosponsors (17)
- PETE SESSIONS (R-TX)
- Barry Loudermilk (R-GA)
- Byron Donalds (R-FL)
- Blaine Luetkemeyer (R-MO)
- Young Kim (R-CA)
- Brian Fitzpatrick (R-PA)
- David Kustoff (R-TN)
- Michael Guest (R-MS)
- William Timmons (R-SC)
- David Valadao (R-CA)
- John Rose (R-TN)
- Roger Williams (R-TX)
- Guy Reschenthaler (R-PA)
- Mike Ezell (R-MS)
- Bill Posey (R-FL)
- Monica De La Cruz (R-TX)
- Erin Houchin (R-IN)
Subjects
- Administrative law and regulatory procedures
- Agricultural prices, subsidies, credit
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Credit and credit markets
- Financial services and investments
- Government information and archives
- Government studies and investigations
- Rural conditions and development
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.