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Congress rejects new bank merger rules, preserving competition.

The U.S. Congress has rejected new rules for bank mergers proposed by the Office of the Comptroller of the Currency. This means that the existing rules for bank mergers remain in effect. For citizens, this maintains the current state of affairs in the banking sector, which can impact service availability and competition.
Key points
New rules for bank mergers have been disapproved and will not take effect.
Existing regulations concerning bank mergers remain in force, unchanged.
The decision aims to maintain stability and competition in the banking sector, indirectly affecting consumers.
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VOTING RESULTS
2025-05-20
52%
For 220
Against 207
Abstain 0
Full voting results open_in_new
Became Law
Citizen Poll
No votes cast
Additional Information
Print number: 119_SJRES_13
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2025-02-04
Voting date: 2025-05-20
Meeting no: 1
Voting no: 137
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_SJRES_13.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-04.

What are the main provisions?

Key points include:

  • New rules for bank mergers have been disapproved and will not take effect.
  • Existing regulations concerning bank mergers remain in force, unchanged.
  • The decision aims to maintain stability and competition in the banking sector, indirectly affecting consumers.
What is the specific legal status?

The current status is Became Law.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Became Public Law No: 119-19.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy