Preservation of Federalism in Banking Act
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S10989)
Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States to set forth State law preemption standards for national banks and their subsidiaries.
Declares that any State: (1) consumer law of general application (including any law relating to unfair or deceptive acts or practices and any consumer fraud law) shall also apply to any national bank; and (2) law applicable to State banks shall also apply to any national bank if it was enacted pursuant to, or consistent with, Federal law permitting the States to exceed or supplement Federal law requirements.
Prohibits construction of Federal law governing visitorial powers, or otherwise limiting or restricting the supervisory, examination, or regulatory authority to which any national bank is subject, as limiting or restricting the authority of a State attorney general to enforce: (1) any applicable Federal or State law; or (2) on behalf of residents of such State, any applicable provision of any Federal or State law against a national bank, or seek relief and recover damages for such residents from any violation of any such law by any national bank.
Prohibits construction of Federal law governing nondepository institution subsidiaries of national banks as preempting the applicability of State law to any State-chartered nondepository institution subsidiary of a national bank, except to the extent the preemption is explicitly provided by an Act of Congress.
Directs the Comptroller of the Currency to record and monitor each complaint received from a consumer regarding a national bank or any subsidiary of a national bank as well as the resolution of the complaint.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 9, 2004. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 9, 2004: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10989)
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 108th Congress (2003-04), 498 of the 8,623 bills and joint resolutions introduced became law, about 5.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JON CORZINE (D-NJ) introduced it on October 9, 2004, and 5 members have since signed on as cosponsors.
They are 5 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 9, 2004, 8006 days ago. The most recent recorded action was 8006 days ago, on October 9, 2004.
Measures do not carry over. Anything the 108th Congress has not finished by January 3, 2005 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIntroduced, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers