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H.R. 4590: Promoting New and Diverse Depository Institutions Act

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H.R. 4590: Promoting New and Diverse Depository Institutions Act

117th Congress · introduced 2021-07-21 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2021-07-21 · official record
  2. Who proposed it: Rep. Auchincloss, Jake [D-MA-4] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Promoting New and Diverse Depository Institutions Act

Plain summary

Promoting New and Diverse Depository Institutions Act This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas. The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

Congressional Research Service summary (Passed House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Promoting New and Diverse Depository Institutions Act

Source: Congressional Research Service summary (Passed House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Auchincloss, Jake [D-MA-4] · 5 cosponsors

Cost estimate: CBO cost estimate: H.R. 4590, Promoting New and Diverse Depository Institutions Act (2021-11-29); CBO cost estimate: H.R. 4590, the Promoting New and Diverse Depository Institutions Act (2022-07-26)

Cosponsors on this site

Al Green (D-TX), Danny K. Davis (D-IL)

Sponsor's campaign money: Rep. Auchincloss, Jake [D-MA-4] reported raising $3.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong117-hr4590 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117