Bank Accounts, Deposits, Capital
US Congress 114th Congress
To amend the Federal Reserve Act to adjust the circumstances under which Federal reserve bank stock is callable, and for other purposes. [HB-5027]
[Finance ]
[Budget and Spending ]
[Inflation ]
To amend the Federal Reserve Act to adjust the circumstances under which Federal reserve bank stock is callable, and for other purposes. This bill amends the Federal Reserve Act to revise the formula for subscription of national banking associations to the stock of their regional Federal Reserve Bank. Instead of one-sixth of an association's subscription to be payable on call by the Board of Governors of the Federal Reserve System, a member bank shall pay one-twelfth of its subscription when the Federal Reserve Board directs, and the remainder subject
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Sponsored by: Rep. Pete Sessions
Introduced In House on 04/21/2016
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SAFE Lending Act of 2016 Stopping Abuse and Fraud in Electronic Lending Act of 2016 [HB-5023]
[Consumer Protection ]
[Finance ]
[Technology and Innovation ]
[Data Privacy ]
[Native American Affairs ]
SAFE Lending Act of 2016 Stopping Abuse and Fraud in Electronic Lending Act of 2016 This bill amends the Electronic Fund Transfer Act (EFTA) to declare that a remotely created check may only be issued by a person specifically designated in writing by the consumer to the insured depository institution at which the consumer maintains the account from which the check is drawn. A remotely created check is a paper or electronic check that: is not created by the financial institution that holds the customer account from which the check is to be paid;
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Sponsored by: Rep. Raul M. Grijalva
Introduced In House on 04/21/2016
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Preventing Iran's Access to United States Dollars Act of 2016 [HB-4995]
[International ]
[Finance ]
[National Security ]
[Trade ]
Preventing Iran's Access to United States Dollars Act of 2016 This bill prohibits the President from issuing a license that permits a person to: conduct an offshore U.S. dollar clearing system for transactions involving the government of Iran or an Iranian person, or provide U.S. dollars for any offshore U.S. dollar clearing system conducted by a foreign government or a foreign financial institution for transactions involving the government of Iran or an Iranian person. The Department of the Treasury shall report to Congress: a list of financial
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Sponsored by: Rep. Peter J. Roskam
Introduced In House on 04/19/2016
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Individual Refund Security Act [HB-4970]
[Taxes ]
[Consumer Protection ]
[Cybersecurity ]
[Data Privacy ]
Individual Refund Security Act This bill amends the Internal Revenue Code to prohibit tax refunds from being issued to prepaid debit cards, unless: (1) the Department of the Treasury has verified the identity of the account holder, and (2) the refund is issued no earlier than 21 days after the date on which the tax return is filed. Treasury must conduct the verification required by this bill in the same manner that is used to verify the identity of account holders suspected of being victims of identity theft.
Sponsored by: Rep. Matt Salmon
Introduced In House on 04/15/2016
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US Congress 114th Congress
Main Street Jobs and Opportunity Act of 2016 [HB-4936]
[Taxes ]
[Small Business ]
[Labor, Jobs, Employment ]
[Healthcare ]
[Budget and Spending ]
[Law Enforcement ]
[Public Safety ]
[Economic Development ]
Main Street Jobs and Opportunity Act of 2016 This bill amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and the lifetime gift tax exemption, with adjustments for inflation. The Paperwork Reduction Act is amended to direct federal agency heads not to impose civil fines for first-time paperwork violations by small businesses unless specified criteria are met. The Department of Labor shall study the effects of occupational licensing requirements to
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Sponsored by: Rep. Tim Walberg
Referred To The Subcommittee On The Constitution And Civil Justice. on 05/17/2016
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Save for Success Act [HB-4872]
[Education ]
[Taxes ]
[Student Loans ]
[Funding ]
Save for Success Act This bill amends the Internal Revenue Code to: (1) modify the American Opportunity Tax Credit to include an increased credit amount for college savings contributions, and (2) direct the Departments of the Treasury and Education to jointly establish a pilot program to make periodic payments of educational expenses for a student as such expenses are incurred during the taxable year. Treasury shall establish a taxpayer awareness program to inform the public of the availability of the American Opportunity Tax Credit.
Sponsored by: Sen. Ben Ray Lujan
Referred To The Subcommittee On Higher Education And Workforce Training. on 09/19/2016
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ABLE Age Adjustment Act [HB-4813]
[Disabilities ]
[Taxes ]
[Healthcare ]
[Senior Citizens ]
[Human Services ]
ABLE Age Adjustment Act This bill amends the Internal Revenue Code, with respect to qualified ABLE programs, to increase the threshold for eligibility for such programs from age 26 to age 46. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)
Sponsored by: Rep. James R. Langevin
Introduced In House on 03/17/2016
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ABLE to Work Act of 2016 [HB-4795]
[Taxes ]
[Disabilities ]
[Retirement ]
ABLE to Work Act of 2016 This bill amends the Internal Revenue Code, with respect to ABLE accounts (tax-exempt savings accounts for persons with a disability), to allow: (1) an ABLE account beneficiary to make contributions to an ABLE account equal to the lesser of such beneficiary's compensation or an amount equal to the federal poverty line for a one-person household, and (2) a retirement savings tax credit for contributions to an ABLE account.
Sponsored by: Rep. Sean Patrick Maloney
Introduced In House on 03/17/2016
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ABLE Financial Planning Act [HB-4794]
[Taxes ]
[Disabilities ]
[Finance ]
ABLE Financial Planning Act This bill amends the Internal Revenue Code to allow tax-free rollovers of amounts in qualified tuition programs (529 plans) to qualified ABLE programs and from qualified ABLE programs to qualified tuition programs. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)
Sponsored by: Rep. Ryan A. Costello
Introduced In House on 03/17/2016
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Interest for Others Act of 2016 [HB-4706]
[Taxes ]
[Nonprofit ]
[Finance ]
Interest for Others Act of 2016 This bill amends the Internal Revenue Code to allow individuals, trusts, or estates to exclude from gross income up to $50 of interest and money market fund dividend income that is contributed to charity using a program adopted by a financial institution or a money market fund. Details regarding the payments to charities must be reported to the Internal Revenue Service by any person that: (1) pays certain interest or dividends and has a charitable contribution program, or (2) is an aggregator that receives contributions
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Sponsored by: Rep. Collin C. Peterson
Introduced In House on 03/03/2016
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Working Parents Flexibility Act of 2016 [HB-4699]
[Taxes ]
[Labor, Jobs, Employment ]
[Family-Related Legislation ]
[Children and Youth ]
Working Parents Flexibility Act of 2016 This bill amends the Internal Revenue Code to establish a tax-exempt parental leave savings account for the care of a child, to which an individual taxpayer who has earned income from employment during the past 12 months may make tax deductible cash contributions of up to $6,750 in a taxable year and not more than an aggregate of $24,000 for all taxable years. Taxpayers whose adjusted gross income exceeds $250,000 in a taxable year are ineligible for such a tax deduction. The bill excludes from gross income:
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Sponsored by: Rep. John Katko
Introduced In House on 03/03/2016
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Traditional Banking Regulatory Relief Act of 2015 [HB-4647]
[Finance ]
[Budget and Spending ]
[Small Business ]
[Consumer Protection ]
Traditional Banking Regulatory Relief Act of 2015 This bill amends the Federal Deposit Insurance Act (FDIA) to prescribe capital requirements for traditional banking organizations (TBOs) at a minimum simple leverage ratio of no less than 10%. A TBO is any bank holding company, savings and loan holding company, bank, or savings association that individually (and when including its parent, subsidiaries, and affiliates) meets the following criteria: has zero trading assets and zero trading liabilities, does not engage in swaps or security-based swaps
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Sponsored by: Sen. Peter Welch
Introduced In House on 02/26/2016
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SAVE for Small Businesses Act Savings Accounts for a Variable Economy for Small Businesses Act [HB-4608]
[Small Business ]
[Taxes ]
[Labor, Jobs, Employment ]
[Economic Development ]
SAVE for Small Businesses Act Savings Accounts for a Variable Economy for Small Businesses Act This bill amends the Internal Revenue Code to: (1) provide for tax-exempt small business savings accounts, and (2) allow tax deductible contributions to such accounts of not more than 10% of the gross profits of an eligible small business (a business employing an average of 50 or fewer full-time employees) for the preceding taxable year. The bill excludes qualified distributions from such accounts from gross income for income tax purposes. A "qualified
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Sponsored by: Rep. Steve Israel
Introduced In House on 02/24/2016
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Community Bank Reporting Relief Act [HB-4500]
[Finance ]
[Small Business ]
Community Bank Reporting Relief Act This bill amends the Federal Deposit Insurance Act to direct federal banking agencies to issue regulations that allow a reduced reporting requirement for highly rated and well-capitalized depository institutions meeting certain other criteria when making the first and third report of condition for a year.
Sponsored by: Rep. Darin LaHood
Introduced In House on 02/09/2016
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Educational Freedom Accounts Act [HB-4426]
[Education ]
[Children and Youth ]
[Funding ]
Educational Freedom Accounts Act This bill requires the District of Columbia to provide education savings accounts for children who are eligible to receive a free public education in the District, but whose parents choose not to enroll them in a public school or home schooling. To receive an account, a child must be either entering kindergarten or prekindergarten or have been enrolled in a public school in the District during the previous year. The Chief Financial Officer of the District must award a contract to a tax-exempt entity based in the
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Sponsored by: Rep. Mark Meadows
Introduced In House on 02/02/2016
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POSTAL Act of 2015 Providing Opportunities for Savings, Transactions, and Lending Act of 2015 [HB-4422]
[Finance ]
[Consumer Protection ]
[Small Business ]
POSTAL Act of 2015 Providing Opportunities for Savings, Transactions, and Lending Act of 2015 This bill expands the specific powers of the U.S. Postal Service (USPS) to include the provision of basic financial services, including: (1) small-dollar loans; (2) checking accounts, interest-bearing savings accounts, and services relating to international money transfers, each of which may be provided by the USPS alone or in partnership with depository institutions and credit unions; (3) other basic financial services as appropriate in the public interest;
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Sponsored by: Rep. Raul M. Grijalva
Introduced In House on 02/01/2016
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Holding Individuals Accountable and Deterring Money Laundering Act [HB-4242]
[Finance ]
[Crime ]
[International ]
[National Security ]
[Criminal Justice ]
Holding Individuals Accountable and Deterring Money Laundering Act This bill amends provisions of federal law known as the Bank Secrecy Act of 1970 relating to money laundering violations to: (1) increase civil penalties for willful violations of anti-money laundering laws; (2) increase the civil penalty for negligent violations of such laws and impose a penalty on partners, directors, officers, or employees of a financial institution for such violations; and (3) impose a 20-year maximum prison term for individuals who facilitate evasion of an anti-money
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Sponsored by: Rep. Michael E. Capuano
Introduced In House on 12/11/2015
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Consumer Financial Choice and Capital Markets Protection Act of 2015 [HB-4216]
[Finance ]
[Consumer Protection ]
[Investments ]
Consumer Financial Choice and Capital Markets Protection Act of 2015 This bill amends the Investment Company Act of 1940 to authorize any open-end investment company to elect, in its registration statement, to be a money market fund and to compute the current price per share, for purposes of distribution or redemption and repurchase, of any redeemable security issued by the company using the amortized cost method of valuation or the penny-rounding method of pricing, regardless of whether its shareholders are limited to natural persons, if: the company's
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Sponsored by: Rep. Alcee L. Hastings
Introduced In House on 12/10/2015
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To amend the Federal Deposit Insurance Act to ensure that the reciprocal deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes. [HB-4116]
[Finance ]
[Insurance ]
To amend the Federal Deposit Insurance Act to ensure that the reciprocal deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes. This bill amends the Federal Deposit Insurance Act with respect to the prohibition declaring that an insured depository institution that is not well-capitalized may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more deposit accounts. Reciprocal deposits of an insured depository
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Sponsored by: Rep. Gwen Moore
Hearings Held By The Subcommittee On Financial Institutions And Consumer Credit Prior To Referral. on 09/27/2016
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US Congress 114th Congress
Universal Savings Account Act [HB-4094]
[Finance ]
[Taxes ]
[Budget and Spending ]
[Investments ]
[Retirement ]
Universal Savings Account Act This bill amends the Internal Revenue Code to allow for the establishment of Universal Savings Accounts. These Accounts shall be tax-exempt and may be opened by any individual who is at least 18 years of age and a U.S. citizen or legal permanent resident. Contributions to these Accounts must be in cash and may not exceed $5,500 (adjusted annually for inflation) in any calendar year. Distributions from a Universal Savings Account are excluded from the gross income of the account holder for income tax purposes.
Sponsored by: Rep. H. Morgan Griffith
Introduced In House on 11/19/2015