H.R.1656 - Underutilized Bank Act100th Congress (1987-1988)
|Sponsor:||Rep. Mfume, Kweisi [D-MD-7] (Introduced 03/17/1987)|
|Committees:||House - Banking, Finance, and Urban Affrs; Ways and Means|
|Latest Action:||House - 04/01/1987 Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1656 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (03/17/1987)
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.