Bills · 119th Congress · Finance and Financial Sector

Keeping Deposits Local Act

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Roll calls on this bill

Votes on passage
HouseOn Motion to Suspend the Rules and Pass, as Amended · 5/20/26Suspension of the rulesA fast-track House procedure, usually for measures expected to have broad support. Debate is limited to 40 minutes, no amendments can be offered, and it needs a two-thirds vote of members voting — not a simple majority. A yes vote passes the bill. “As amended” means changes written into the motion itself are included.Rules of the House, Rule XV, clause 1 ↗
Passed
  • Democratic204 Yea · 0 Nay · 8 Not voting
  • Republican200 Yea · 0 Nay · 17 Not voting
  • Independent / Other1 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

This bill increases the amount insured depository institutions may accept as reciprocal deposits. (Reciprocal deposits are used by institutions to increase the availability of deposit insurance by splitting large deposits using a reciprocal network of institutions.) The bill creates a tiered system so that the allowable amount is based on the institution's total liabilities.

Additionally, the bill changes certain qualifications insured depository institutions may be required to have to accept reciprocal deposits. Under current law, institutions may qualify by having a composite rating of outstanding or good, among other requirements. The bill allows institutions with a 1, 2, or 3 rating under the CAMELS scale to qualify. (The Uniform Financial Institutions Rating System uses the characteristics of capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (i.e., CAMELS ratings) to rate the health of financial institutions, with a 1 indicating the highest rating and least degree of supervisory concern and a 5 indicating the lowest rating and highest degree of supervisory concern.)

Full text on congress.gov ↗
Sponsor
Rep. Tom Emmer ( Republican · MN-6)
Cosponsors
11
Introduced
5/7/25
Policy area
Finance and Financial Sector
Status
5/7/25Referred to the House Committee on Financial Services.
5/7/25Introduced in House
9/16/25Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
9/16/25Committee Consideration and Mark-up Session Held
11/4/25Placed on the Union Calendar, Calendar No. 314.
11/4/25Reported (Amended) by the Committee on Financial Services. H. Rept. 119-362.
5/19/26At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
5/19/26DEBATE - The House proceeded with forty minutes of debate on H.R. 3234.
5/19/26Considered under suspension of the rules. (consideration: CR H3582-3584; text: CR H3582)
5/19/26Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
5/20/26Motion to reconsider laid on the table Agreed to without objection.
5/20/26On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 0 (Roll no. 177).
5/20/26Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 0 (Roll no. 177).
5/20/26Considered as unfinished business. (consideration: CR H3644-3645)
5/21/26Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.