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Supporting New Banks: More Financial Services for Communities

This act aims to facilitate the creation of new banks, including those serving minorities and local communities. This could give citizens easier access to banking services, especially in areas lacking bank branches. The goal is to promote greater competition and financial stability.
Key points
Facilitating the opening of new banks, potentially increasing access to financial services for citizens.
Supporting banks serving minorities and local communities, which may improve access to credit and other services for these groups.
A reduction of $5 million in a Federal Reserve fund, a minor change in funding.
Requirement for public disclosure of study findings and strategic plans, increasing transparency of regulatory actions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_4590
Sponsor: Rep. Auchincloss, Jake [D-MA-4]
Process start date: 2021-07-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promoting New and Diverse Depository Institutions Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4590.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-21.

What are the main provisions?

Key points include:

  • Facilitating the opening of new banks, potentially increasing access to financial services for citizens.
  • Supporting banks serving minorities and local communities, which may improve access to credit and other services for these groups.
  • A reduction of $5 million in a Federal Reserve fund, a minor change in funding.
  • Requirement for public disclosure of study findings and strategic plans, increasing transparency of regulatory actions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Auchincloss, Jake [D-MA-4].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7150-7151)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy