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Protecting Federal Contractors: Banks Cannot Deny Services

New rules aim to protect companies working with the federal government by ensuring their access to banking services. If a large bank refuses to serve such a company that meets standards, it could lose its deposit insurance. This is intended to prevent discrimination and ensure the financial stability of government contractors, indirectly impacting public project execution.
Key points
Banks with over $50 billion in assets cannot refuse services to federal contractors if they meet banking standards.
If a refusal occurs, the Federal Deposit Insurance Corporation (FDIC) can initiate proceedings to terminate the bank's deposit insurance.
The goal is to ensure federal contractors have stable access to financial services, supporting their operations and public project completion.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_229
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2021-02-04
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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

FDIC Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_229.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-04.

What are the main provisions?

Key points include:

  • Banks with over $50 billion in assets cannot refuse services to federal contractors if they meet banking standards.
  • If a refusal occurs, the Federal Deposit Insurance Corporation (FDIC) can initiate proceedings to terminate the bank's deposit insurance.
  • The goal is to ensure federal contractors have stable access to financial services, supporting their operations and public project completion.
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 Sen. Rubio, Marco [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Courts and Law