HR 3234 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
Summary
This bill amends the Federal Deposit Insurance Act to allow banks to accept higher amounts of reciprocal deposits without treating them as broker deposits. Specifically, it establishes tiered percentages based on the size of the bank's liabilities, ranging from 50 percent for smaller institutions to 30 percent for larger ones, up to $250 billion in liabilities. The bill also requires the FDIC to study how reciprocal deposits have performed since 2018 and report findings to Congress within six months. Additionally, the bill reduces the Federal Reserve's discretionary surplus fund by $28 million, effective September 1, 2036.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Emmer, Tom [R-MN-6] (R-MN)
11 cosponsors
- Rep. Barr, Andy [R-KY-6] (R-KY)
- Rep. Beatty, Joyce [D-OH-3] (D-OH)
- Rep. Bergman, Jack [R-MI-1] (R-MI)
- Rep. Ezell, Mike [R-MS-4] (R-MS)
- Rep. Flood, Mike [R-NE-1] (R-NE)
- Rep. Golden, Jared F. [D-ME-2] (D-ME)
- Rep. Meuser, Daniel [R-PA-9] (R-PA)
- Rep. Moore, Gwen [D-WI-4] (D-WI)
- Rep. Rogers, Mike D. [R-AL-3] (R-AL)
- Rep. Sessions, Pete [R-TX-17] (R-TX)
- Rep. Williams, Roger [R-TX-25] (R-TX)
Actions (15)
- May 21, 2026 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- May 20, 2026 Motion to reconsider laid on the table Agreed to without objection. · house
- May 20, 2026 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). · house
- May 20, 2026 Passed/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).
- May 20, 2026 Considered as unfinished business. (consideration: CR H3644-3645) · house
- May 19, 2026 At 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. · house
- May 19, 2026 DEBATE - The House proceeded with forty minutes of debate on H.R. 3234. · house
- May 19, 2026 Considered under suspension of the rules. (consideration: CR H3582-3584; text: CR H3582) · house
- May 19, 2026 Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended. · house
- Nov 4, 2025 Placed on the Union Calendar, Calendar No. 314. · house
- Nov 4, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-362. · house
- Sep 16, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0. · house
- Sep 16, 2025 Committee Consideration and Mark-up Session Held · house
- May 7, 2025 Referred to the House Committee on Financial Services. · house
- May 7, 2025 Introduced in House
How your representatives voted
Sign in to see how your own representatives voted on HR 3234.
Roll-call votes (1)
How the chamber voted on this bill — the outcome, the tally by party, and every member's recorded position. A factual record.
- On Motion to Suspend the Rules and Pass, as AmendedPassed
405 Yea · 0 Nay · 25 Not voting
- Republicans35Yea0Nay2NV
- Democrats28Yea0Nay2NV
The party tally and member list below cover the 67 of 430 positions we've recorded so far; the outcome above is the official chamber result.
See how each member voted (67)
Yea(63)
- Al Green
- Analilia Mejia
- August Pfluger
- Becca Balint
- Beth Van Duyne
- Bonnie Watson Coleman
- Brandon Gill
- Brendan F. Boyle
- Brian Babin
- Brian K. Fitzpatrick
- Chrissy Houlahan
- Christian D. Menefee
- Christopher H. Smith
- Christopher R. Deluzio
- Craig A. Goldman
- Dan Crenshaw
- Daniel Meuser
- Donald Norcross
- Dwight Evans
- Frank Pallone
- Glenn Thompson
- Greg Casar
- Guy Reschenthaler
- Henry Cuellar
- Herbert C. Conaway
- Jake Ellzey
- Jasmine Crockett
- Jefferson Van Drew
- Jodey C. Arrington
- John Joyce
- John R. Carter
- Josh Gottheimer
- Keith Self
- Lamonica Mciver
- Lance Gooden
- Lizzie Fletcher
- Lloyd Doggett
- Lloyd Smucker
- Madeleine Dean
- Marc A. Veasey
- Mary Gay Scanlon
- Michael Cloud
- Michael T. Mccaul
- Mike Kelly
- Monica De La Cruz
- Morgan Luttrell
- Nathaniel Moran
- Nellie Pou
- Pat Fallon
- Pete Sessions
- Randy K. Sr. Weber
- Robert Menendez
- Robert P. Bresnahan
- Roger Williams
- Ronny Jackson
- Ryan Mackenzie
- Scott Perry
- Summer L. Lee
- Sylvia R. Garcia
- Troy E. Nehls
- Veronica Escobar
- Vicente Gonzalez
- Wesley Hunt
Not voting(4)
More bills on these subjects (8)
Other bills that carry the most legislative subjects in common with this one (topical discovery — distinct from the procedural related bills above).
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (4)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
AN ACT
To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Keeping Deposits Local Act”.
SEC. 2. AMOUNT OF RECIPROCAL DEPOSITS THAT ARE NOT CONSIDERED TO BE FUNDS OBTAINED BY OR THROUGH A DEPOSIT BROKER.
Section 29(i) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)) is amended by striking paragraph (1) and inserting the following:
“(1) In general.—The sum of the following amounts of reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker:
“(A) An amount equal to 50 percent of the portion of the total liabilities of the agent institution that is less than or equal to $1,000,000,000.
“(B) An amount equal to 40 percent of the portion, if any, of the total liabilities of the agent institution that is greater than $1,000,000,000, but less than or equal to $10,000,000,000.
“(C) An amount equal to 30 percent of the portion, if any, of the total liabilities of the agent institution that is greater than $10,000,000,000, but less than or equal to $250,000,000,000.”.
SEC. 3. DEFINITION OF AGENT INSTITUTION.
Section 29(i)(2)(A)(i) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(2)(A)(i)) is amended by striking subclause (I) and inserting the following:
“(I) when most recently examined under section 10(d) was assigned a CAMELS rating of 1, 2, or 3 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and”.
SEC. 4. RECIPROCAL DEPOSITS STUDY.
(a) In General.—The Federal Deposit Insurance Corporation, in consultation with the Board of Governors of the Federal Reserve System, shall carry out a study on reciprocal deposits.
(b) Contents.—The study required under subsection (a) shall include—
(1) an analysis of how reciprocal deposits have performed since 2018, which shall include—
(A) the use of quantitative and qualitative data;
(B) a breakdown of the usage of reciprocal deposits by size of insured depository institution;
(C) the usage of reciprocal deposits during periods of stress; and
(D) an analysis, to the extent practicable, of end- user depositors, such as municipalities, businesses, and non-profit organizations, that drive demand for reciprocal products;
(2) an analysis, to the extent practicable, of how reciprocal deposits compare to other deposit arrangements; and
(3) an analysis of the benefits and potential risks of reciprocal deposits.
(c) Report.—Not later than 6 months after the date of enactment of this Act, the Federal Deposit Insurance Corporation shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the report required under subsection (a).
SEC. 5. DISCRETIONARY SURPLUS FUND.
(a) In General.—The dollar amount specified under section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is reduced by $28,000,000.
(b) Effective Date.—The amendment made by subsection (a) shall take effect on September 1, 2036.
Passed the House of Representatives May 20, 2026.
Attest:
Clerk. 119th CONGRESS
2d Session
H. R. 3234
AN ACT
To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
Comments