CONGRESS FOR VOTERS

Andy Barr (R-KY)

Promoting New Bank Formation Act

H.R. 478 · House bill Finance and Financial Sector

A Republican bill with 24 Republican cosponsors · See all 24 cosponsors

Last activity — Placed on the Union Calendar, Calendar No. 64.

Cleared committee, waiting for its first floor vote

A committee approved it and it is on the calendar of the chamber it started in.

This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.

Its path through Congress

  1. Introduced
  2. On Calendar

What this bill would do

The Promoting New Bank Formation Act aims to assist new financial institutions and rural community banks. It requires Federal banking agencies to implement a 3-year phase-in period for de novo institutions to meet Federal capital standards. The bill allows these institutions to request deviations from approved business plans during this three-year window. Additionally, it provides a specific leverage ratio for rural community depository institutions. It also amends the Home Owners' Loan Act to include agricultural loans for Federal savings associations. Finally, the bill mandates a study to understand why there are few new insured depository institutions and how to promote them in underserved areas.

Yes· 3 of 9

  • Scored +5

    Would farmers be better off under this?

    The expansion of agricultural loan authority for Federal Savings Associations directly benefits farmers.

  • Scored +5

    Would people in rural areas be better off under this?

    The bill provides specific relief and easier capital standards for rural depository institutions.

  • Scored +4

    Would business owners be better off under this?

    New bank formations and easier capital compliance provide more options for business financing.

The opposite

No question was scored the opposite.