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United States · Bill · HR

H.R. 1656 (100th)

Underutilized Bank Act

referredUnited States· United States Congress· EN

Introduced

17 March 1987

Last action

1 April 1987 · Referred

Status

Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

Sponsors

Rep. Mfume, Kweisi [D-MD-7], Rep. Bustamante, Albert G. [D-TX-23], Rep. Clay, William (Bill) [D-MO-1], JOHN CONYERS, Rep. Crockett, George W., Jr. [D-MI-13], Rep. Dellums, Ronald V. [D-CA-8], Rep. Dixon, Julian C. [D-CA-28], Rep. Dymally, Mervyn M. [D-CA-31], Rep. Espy, Mike [D-MS-2], Rep. Flake, Floyd H. [D-NY-6], Rep. Frank, Barney [D-MA-4], Rep. Garcia, Robert [D-NY-18], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Hayes, Charles A. [D-IL-1], Rep. Leland, Mickey [D-TX-18], JOHN LEWIS, Rep. Owens, Major R. [D-NY-12], Rep. Savage, Gus [D-IL-2], Rep. Stokes, Louis [D-OH-21], Rep. Towns, Edolphus [D-NY-11], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Kolter, Joseph P. [D-PA-4], Rep. Rangel, Charles B. [D-NY-19], Rep. Ford, Harold E. [D-TN-8], Rep. Richardson, Bill [D-NM-3], Nancy Pelosi

Subjects

Discovery layer

Source updated

28 August 2025

Official sourceView documentsShare

Summary

Underutilized Bank Act - Requires the Secretary of the Treasury to develop and carry out a program for the expanded use of underutilized banks by Federal agencies for: (1) depositing Federal funds as demand deposits or otherwise; and (2) depositaries or financial agents. Defines an "underutilized bank" as a bank: (1) at least 51 percent of which is owned by socially and economically disadvantaged individuals; and (2) the management and daily business operations of which are controlled by such individuals. Requires the Secretary to report to the Congress annually on program activities and recommendations for legislative and executive actions. Provides for the participation of Federal agencies in such program.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 17 March 1987

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  2. 17 March 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 17 March 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 1 April 1987

    Referred

    Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Sponsors

Related records

No cross-record relationships stored yet.

Sources

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