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Protecting Federal Contractors' Access to Banking Services from Large Banks.

This bill aims to prevent the largest financial institutions from denying banking services to companies holding federal government contracts. If a large bank (over $50 billion in assets) refuses service to a qualified contractor, it risks losing its federal deposit insurance (FDIC coverage). While focused on businesses, the goal is to ensure the stability of critical industrial sectors, indirectly supporting national economic security.
Key points
Large banks (with over $50 billion in assets) would be prohibited from denying standard banking services to entities that hold contracts with the Federal Government.
Refusing service to a qualified federal contractor could lead to the termination of the bank's Federal Deposit Insurance Corporation (FDIC) coverage.
The measure is designed to protect industrial and defense contractors from financial discrimination, provided they meet traditional credit standards.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 118_S_583
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2023-03-01
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FDIC Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_583.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • Large banks (with over $50 billion in assets) would be prohibited from denying standard banking services to entities that hold contracts with the Federal Government.
  • Refusing service to a qualified federal contractor could lead to the termination of the bank's Federal Deposit Insurance Corporation (FDIC) coverage.
  • The measure is designed to protect industrial and defense contractors from financial discrimination, provided they meet traditional credit standards.
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 2025-12-27.

CATEGORIES

Economy Security