118th Congress Finance and Financial Sector
H.R. 7403: Bank Failure Prevention Act of 2024
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill revises the Federal Reserve Board’s review process of merger and acquisition applications for bank holding companies.
Specifically, the board must notify the applicant within a certain time period regarding whether the application is complete or if additional information is required. The board must grant or deny such an application no later than 90 days after submission, regardless of whether the application was deemed complete. (Currently, the board must grant or deny an application no later than 90 days after receipt of a complete application.)
In addition, the board is prohibited from basing such application determinations on information provided by third parties.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Scott Fitzgerald R-WIOriginal
- Barry Loudermilk R-GA
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Other bills by Garland Barr
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- H.R. 5929: Critical Minerals Supply Chain Resiliency Act of 2026
- H.R. 7056: Community Bank Regulatory Tailoring Act
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- H.R. 6553: TIER Act of 2025
History
- Introduced in the House by Garland Barr.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.