H.R. 3234: Keeping Deposits Local Act
Sponsor
Tom Emmer
Republican · MN-6
What H.R. 3234 does
Banks can use reciprocal deposit networks to spread a large deposit across institutions so more of it is covered by deposit insurance. H.R. 3234 would raise the amount an insured institution may accept as reciprocal deposits, using a tiered system based on the institution's total liabilities.
It would also let institutions with a 1, 2 or 3 rating on the CAMELS scale qualify to accept them. The CAMELS scale rates a financial institution's health, with 1 the highest rating and 5 the lowest.
How the House voted
Passed · May 20, 2026On Motion to Suspend the Rules and Pass, as Amended: H R 3234 Keeping Deposits Local Act · Roll no. 177 · Official record
HR3234 Legislative Journey
Committee Action
May 21, 2026
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
House: Vote: 405-0
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: Vote Held
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: Committee Action
Nov 4, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-362.
House: Vote: 51-0
Sep 16, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
House: Committee Action
May 7, 2025
Referred to the House Committee on Financial Services.
About the Sponsor
Tom Emmer
Republican, Minnesota's 6th congressional district · 11 years in Congress
Committees: Financial Services
View full profile →
Cosponsors (11)
This bill has 11 cosponsors: 3 Democrats, 8 Republicans, reflecting bipartisan support. Cosponsors represent 10 states: Alabama, Kentucky, Maine, and 7 more.
Committee Sponsors
Banking, Housing, and Urban Affairs Committee
0 of 24 committee members cosponsored
No committee members have cosponsored this bill
Financial Services Committee
6 of 54 committee members cosponsored
38 Republicans across these committees haven't cosponsored yet. Mobilize their constituents
What laws does H.R. 3234 change?
1 changes
Sections Amended
Section 29(i) of Federal Deposit Insurance Act (12 U.S.C. 1831f(i))
striking paragraph (1) and inserting the following: ``(1) In general
H.R. 3234 Quick Facts
- Committee
- Banking, Housing, and Urban Affairs
- Chamber
- House
- Policy
- Finance and Financial Sector
- Introduced
- May 7, 2025
Passed the House, received in Senate
May 21, 2026
H.R. 3234 Bill Text
“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.”
Source: U.S. Government Publishing Office
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