All Roll Calls
Yes: 405 • No: 0
119-hr-3234119th CongressWALLET
Keeping Deposits Local Act
Sponsored By: Representative Emmer, Tom [R-MN-6]
Passed House
Summary
Expands the safe harbor for reciprocal deposits so more of those funds would not be counted as brokered deposits. It would also redefine which banks qualify as "agent institutions" by tying that label to CAMELS ratings, require an FDIC study on reciprocal deposits, and reduce the Federal Reserve's discretionary surplus fund.
Show full summary
- Banks: A three-tier safe harbor lets banks exclude larger shares of reciprocal deposits from brokered-deposit treatment — 50% of liabilities up to $1 billion, 40% of liabilities between $1 billion and $10 billion, and 30% of liabilities above that up to $250 billion.
- Depositors: The FDIC must analyze reciprocal deposit use by size and by end users including municipalities, businesses, and nonprofits, and study behavior during stress periods.
- Regulators: An "agent institution" would be limited to banks with a most recent CAMELS rating of 1, 2, or 3, and the FDIC must report the study's findings to the House and Senate banking committees within six months.
*It would reduce the Federal Reserve System's discretionary surplus fund by $28 million, effective Sept. 1, 2036.*
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Easier bank rules for reciprocal deposits
If enacted, some banks would get simpler treatment for reciprocal deposits. A bank would qualify as an agent institution if its last safety exam rating was 1, 2, or 3 (CAMELS or equivalent). For liabilities up to $1 billion, 50% of reciprocal deposits would not count as brokered. For the portion over $1 billion to $10 billion, 40% would not count. For the portion over $10 billion to $250 billion, 30% would not count. These changes would apply at enactment.
Small cut to Fed surplus in 2036
If enacted, the Federal Reserve’s discretionary surplus would be reduced by $28 million on September 1, 2036. This is an internal accounting change. Any effect on your taxes, bank services, or government payments would be indirect and would happen later.
Sponsors & CoSponsors
Sponsor
Emmer, Tom [R-MN-6]
MN • R
Cosponsors
Rep. Beatty, Joyce [D-OH-3]
OH • D
Sponsored 5/7/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 5/7/2025
Rep. Moore, Gwen [D-WI-4]
WI • D
Sponsored 5/7/2025
Rep. Barr, Andy [R-KY-6]
KY • R
Sponsored 5/20/2025
Rep. Flood, Mike [R-NE-1]
NE • R
Sponsored 7/2/2025
Rep. Williams, Roger [R-TX-25]
TX • R
Sponsored 7/2/2025
Rep. Ezell, Mike [R-MS-4]
MS • R
Sponsored 9/11/2025
Rep. Sessions, Pete [R-TX-17]
TX • R
Sponsored 9/15/2025
Rep. Golden, Jared F. [D-ME-2]
ME • D
Sponsored 9/18/2025
Rep. Bergman, Jack [R-MI-1]
MI • R
Sponsored 9/18/2025
Rep. Rogers, Mike D. [R-AL-3]
AL • R
Sponsored 11/4/2025
Roll Call Votes
house vote • 5/20/2026
On Motion to Suspend the Rules and Pass, as Amended
Yes: 405 • No: 0