Legislation· May 2026Keeping Deposits Local Act
Lets banks accept more reciprocal deposits based on their size and financial health.
Tradeoff
Expands reciprocal deposit limits for banks, allowing them to gather larger insured deposits. Reduces the Federal Reserve's discretionary surplus fund by $28 million starting in 2036.
What's in it
The House passed this 405-0 on May 20, 2026 — sitting in the Senate.
House
Introduced
(May 7, 2025)
House
Committee on Financial Services(May 7, 2025)
House
The Committee on Financial Services voted to send it to the floor
Reported 51 - 0(Sep 16, 2025)
Committee report H. Rept. 119-362.
House
On Motion to and Pass, as Amended
Passed(Roll #177 · May 20, 2026)
405 yeanay 0Senate
Received from the House
on Banking, Housing, and Urban Affairs(May 21, 2026)
- Joyce Beatty (D-OH)
- Daniel Meuser (R-PA)
- Gwen Moore (D-WI)
- Andy Barr (R-KY)
- Mike Flood (R-NE)
- Roger Williams (R-TX)
- Mike Ezell (R-MS)
- Pete Sessions (R-TX)
- Jared F. Golden (D-ME)
- Jack Bergman (R-MI)
- Mike D. Rogers (R-AL)
Passage votes so far· May 20, 2026· 119th Congress · 2025–2027