FDIC Act of 2023
The FDIC Act of 2023 would amend the Federal Deposit Insurance Act to require the FDIC to consider terminating the insurance of large banks (with over $50 billion in assets) that deny banking services to qualifying federal contractors. A qualifying contractor is defined as an entity with a federal contract that has met all legal requirements and passed standard credit checks. If such a bank refuses service, the FDIC must issue a notice and hold a hearing to determine whether to terminate the bank's insurance. This provision directly affects large financial institutions and federal contractors by creating a new process for addressing denied banking services.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2023
Committee Review
Floor Vote
President
Introduced Mar 1, 2023
Last action Mar 1, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 1, 2023
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Mar 1, 2023
Introduced
Introduced in Senate
upper
1 primary · 5 co-sponsors
Sponsors
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