Federal RuleAug 21
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DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-s-5389119th CongressWALLET
Ending Presidential Corruption in Banking Act
Sponsored By: Senator Warren, Elizabeth [D-MA]
Introduced
Summary
Bar presidents and close family from owning or controlling banks. This bill would stop senior federal officials and certain relatives from owning or running banks and set fast deadlines for regulators to cancel bank approvals tied to them.
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- Presidents, Vice Presidents, their spouses, and children could not own or vote more than 10 percent of any class of a bank's voting stock, serve as a senior executive, or exercise controlling influence. If they do not comply within 30 days after inauguration, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency must terminate that bank's charter, license, master account, or deposit insurance.
- Members of Congress, presidentially appointed senior executives who require Senate confirmation, and certain special government employees would face the same 10 percent ownership and control limits for covered banking applications. Banks that received approvals after January 20, 2025 while those limits were violated must have charters and similar approvals terminated within 60 days of enactment.
- The Federal Reserve Board, the FDIC, and the OCC enforce the rules by refusing covered approvals and by terminating charters, licenses, master accounts, and deposit insurance for noncompliant banks.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Ban approvals when officials control banks
If enacted, the bill would define who and what are covered. "Bank" would mean a depository institution or a company that controls one. "Covered application" would include national bank charters, master accounts, federal deposit insurance, and other federal bank licenses. The Fed, FDIC, and OCC would not be able to approve those applications if a covered person directly, indirectly, or in concert: owns or can vote more than 10% of any class of voting shares, is an organizer or senior executive, or otherwise controls the bank. Not later than 60 days after enactment, those agencies would terminate charters, licenses, master accounts, and deposit insurance for banks that had such applications approved after January 20, 2025 while a covered person met the disqualifying conditions.
No presidential ownership or quick shutdowns
If enacted, the bill would make it unlawful for the President, Vice President, or their spouse or child to directly or indirectly own, control, or vote more than 10% of any class of voting securities of a bank, serve as a senior executive, or otherwise control a bank. The Fed, FDIC, and OCC would have to terminate a bank's charter, license, master account, or deposit insurance immediately if a covered presidential person did not come into compliance within the 30-day period beginning on the inauguration date. Those agencies would carry out the terminations when the 30-day window ends without compliance.
Sponsors & CoSponsors
Sponsor
Warren, Elizabeth [D-MA]
MA • D
Cosponsors
Sen. Reed, Jack [D-RI]
RI • D
Sponsored 9/14/2026
Sen. Van Hollen, Chris [D-MD]
MD • D
Sponsored 9/14/2026
Sen. Murphy, Christopher [D-CT]
CT • D
Sponsored 9/14/2026
Sen. Sanders, Bernard [I-VT]
VT • I
Sponsored 9/14/2026
Sen. Blumenthal, Richard [D-CT]
CT • D
Sponsored 9/14/2026
Sen. Kim, Andy [D-NJ]
NJ • D
Sponsored 9/14/2026
Sen. Alsobrooks, Angela D. [D-MD]
MD • D
Sponsored 9/14/2026
Sen. Gallego, Ruben [D-AZ]
AZ • D
Sponsored 9/14/2026
Sen. Blunt Rochester, Lisa [D-DE]
DE • D
Sponsored 9/14/2026
Sen. Duckworth, Tammy [D-IL]
IL • D
Sponsored 9/14/2026
Sen. Hirono, Mazie K. [D-HI]
HI • D
Sponsored 9/14/2026
Sen. Coons, Christopher A. [D-DE]
DE • D
Sponsored 9/14/2026
Sen. Kelly, Mark [D-AZ]
AZ • D
Sponsored 9/14/2026
Sen. Durbin, Richard J. [D-IL]
IL • D
Sponsored 9/15/2026
Sen. Booker, Cory A. [D-NJ]
NJ • D
Sponsored 9/22/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov