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Protecting Consumers from Bailouts Act

USA118th CongressS-825| Senate 
| Updated: 3/15/2023
Josh Hawley

Josh Hawley

Republican Senator

Missouri

Cosponsors (1)
Mike Braun (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Protecting Consumers from Bailouts Act This bill places limitations on special assessments imposed by the Federal Deposit Insurance Corporation (FDIC) on banks. (After the FDIC assists an institution in an emergency such as a bank failure, these special assessments are levied by the FDIC to recover costs.) The bill also grants the FDIC authority to recover certain compensation paid to an officer. Specifically, the bill prohibits the FDIC from imposing a special assessment on banks with assets under $10 billion. The bill also prohibits depository institutions that are required to pay a special assessment in connection with the March 2023 emergency involving Silicon Valley Bank and Signature Bank from increasing customer fees or charges to offset these costs. The bill also grants the FDIC the authority to seek reimbursement of any incentive-based compensation paid during the previous year to an officer of an institution in FDIC receivership.
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Timeline
Mar 15, 2023
Introduced in Senate
Mar 15, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • March 15, 2023
    Introduced in Senate


  • March 15, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Protecting Consumers from Bailouts Act

USA118th CongressS-825| Senate 
| Updated: 3/15/2023
Protecting Consumers from Bailouts Act This bill places limitations on special assessments imposed by the Federal Deposit Insurance Corporation (FDIC) on banks. (After the FDIC assists an institution in an emergency such as a bank failure, these special assessments are levied by the FDIC to recover costs.) The bill also grants the FDIC authority to recover certain compensation paid to an officer. Specifically, the bill prohibits the FDIC from imposing a special assessment on banks with assets under $10 billion. The bill also prohibits depository institutions that are required to pay a special assessment in connection with the March 2023 emergency involving Silicon Valley Bank and Signature Bank from increasing customer fees or charges to offset these costs. The bill also grants the FDIC the authority to seek reimbursement of any incentive-based compensation paid during the previous year to an officer of an institution in FDIC receivership.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 15, 2023
Introduced in Senate
Mar 15, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • March 15, 2023
    Introduced in Senate


  • March 15, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Josh Hawley

Josh Hawley

Republican Senator

Missouri

Cosponsors (1)
Mike Braun (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted