This bill edits two federal banking statutes to let certain banks increase the aggregate amount of investments they may make to promote the public welfare. It replaces the number "15" with "20" in (1) the Eleventh paragraph of section 5136 of the Revised Statutes (12 U.S.C. 24) and (2) the 23rd paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 338a). The bill’s stated change would raise the numeric limit used in those sentences from 15 to 20.
If the bill becomes law, national banking associations and State member banks would be allowed to make more investments described in those statutes as promoting the public welfare. The text of the bill does not describe specific projects, recipients, or direct effects on consumers or businesses.
No publicly available information on costs or budgetary effects is included in the bill text or metadata provided.
The bill’s stated purpose is to allow the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to increase the aggregate amount of investments that national banks and State member banks may make to promote the public welfare. The bill was introduced by Senators Tim Scott, Lisa Blunt Rochester, Bernie Moreno, Andy Kim, David McCormick, Angela Alsobrooks, Kevin Cramer, Raphael Warnock, Bill Cassidy, and Jon Husted.
No publicly available information about opponents’ views or objections appears in the bill text or provided metadata.