S 3298
FDIC Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Financial Defense for Industrial Contractors Act, would give the Federal Deposit Insurance Corporation (FDIC) the authority to end insurance for large banks that refuse to provide banking services to federal contractors who meet certain requirements. Specifically, if a bank denies services to a qualified contractor, the FDIC can initiate proceedings to terminate the bank’s insured status. The bill also establishes a process for notifying the bank of the potential termination and holding a hearing to determine the action. Deposits held at the bank after termination would be treated according to existing FDIC regulations.
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Primary sponsor
Marco Rubio
Cosponsors
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