Who it affects
- Insured banks and other deposit-taking institutions
Passed the HouseBanking
Keeping Deposits Local Act
H.R. 3234 · House bill · Introduced May 7, 2025
The Keeping Deposits Local Act would raise limits on deposits shared through networks by insured financial institutions and change which institutions qualify.
At a glance
Where it stands
Passed the House 405 to 0 on May 20.
How South Carolina voted
Lobbying and money
No lobbying reported yet
Lobbyists report every three months, about 20 days after each quarter ends. We have January 2025 through September 2026 reports. Newer reports will be added once filed and published.
What it would do
- The bill would increase how much insured financial institutions may accept in deposits shared through networks.
- These networks split large deposits among institutions to increase the amount covered by deposit insurance.
- Limits would vary based on each institution's total debts and other financial obligations.
- Institutions with financial health ratings of 1, 2, or 3 under the CAMELS system could qualify.
- That system rates institutions from 1, the highest rating, to 5, the lowest.
Written with AI from the official summary by Congress's research office.
How South Carolina voted
House vote coverage is incomplete for 2025–2026. Vote and flagged-bill counts reflect imported records only; missing votes don't mean a member didn't vote.
House vote
Vote to pass
Fast-track vote that needs two-thirds
May 20, 2026 · Passed 405 to 0
- Republicans
- 200 yes
- 0 no
- Democrats
- 204 yes
- 0 no
- Independents
- 1 yes
- 0 no
Groups that lobbied on it and gave to SC's members
PAC, lobbyist campaign and qualifying employee money this election, shown separately and never added together. Lobbying reports name the bills a group worked on, not which side it took.
No lobbying reported yet. Lobbyists report every three months, about 20 days after each quarter ends. We have January 2025 through September 2026 reports. Newer reports will be added once filed and published.
Official record
Official title, sponsor and status
- Official title
- 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.
- Sponsor
- Rep. Emmer, Tom (R-MN)
- Introduced
- May 7, 2025
- Cosponsors
- 11
- Committees
- Senate Banking, Housing, and Urban Affairs Committee; House Financial Services Committee
- Latest action
- May 21, 2026 · Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Official summary from the Congressional Research Service
This bill increases the amount insured depository institutions may accept as reciprocal deposits. (Reciprocal deposits are used by institutions to increase the availability of deposit insurance by splitting large deposits using a reciprocal network of institutions.) The bill creates a tiered system so that the allowable amount is based on the institution's total liabilities. Additionally, the bill changes certain qualifications insured depository institutions may be required to have to accept reciprocal deposits. Under current law, institutions may qualify by having a composite rating of outstanding or good, among other requirements. The bill allows institutions with a 1, 2, or 3 rating under the CAMELS scale to qualify. (The Uniform Financial Institutions Rating System uses the characteristics of capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (i.e., CAMELS ratings) to rate the health of financial institutions, with a 1 indicating the highest rating and least degree of supervisory concern and a 5 indicating the lowest rating and highest degree of supervisory concern.)
Summary on Congress.gov ↗Everyone who lobbied on this bill (0 groups)
No lobbying report we have loaded names this bill. That doesn't mean no lobbying took place.
Lobbyists report every three months, about 20 days after each quarter ends. We have January 2025 through September 2026 reports. Newer reports will be added once filed and published. Reports for October through December 2026 are due January 20, 2027.