Social Media Bank Run Act

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2396 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 2396

 To amend the Financial Stability Act of 2010 to require the Financial 
   Stability Oversight Council to monitor social media platforms for 
  indicators of a bank run or financial panic, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2023

    Mr. Torres of New York introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Financial Stability Act of 2010 to require the Financial 
   Stability Oversight Council to monitor social media platforms for 
  indicators of a bank run or financial panic, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Media Bank Run Act''.

SEC. 2. MONITORING SOCIAL MEDIA FOR FINANCIAL INSTABILITY.

    The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended--
            (1) in section 102(a), by adding at the end the following:
            ``(8) Social media platform.--The term `social media 
        platform' means a platform provided over the internet 
        (including a website or online application) that--
                    ``(A) permits a person to create an account or a 
                profile for the purpose of generating, sharing, and 
                viewing user-generated content through such account or 
                profile;
                    ``(B) enables users to generate content and share 
                such content so that such content can be viewed by 
                other users of the platform;
                    ``(C) enables users to view content generated by 
                other users of the platform; and
                    ``(D) enables users to participate in social 
                networking with other users of the platform.''; and
            (2) in section 112(a)(2)--
                    (A) in subparagraph (M)(ii) by striking ``and'' at 
                the end;
                    (B) in subparagraph (N)(vi)(III) by striking the 
                period and inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(O) monitor social media platforms for any 
                indicator of--
                            ``(i) a potential bank run; or
                            ``(ii) financial panic at a level that 
                        potentially threatens the financial stability 
                        of the United States.''.

SEC. 3. STUDY ON THE EFFECTS OF SOCIAL MEDIA ON FINANCIAL INSTABILITY.

    (a) In General.--The Financial Stability Oversight Council shall 
conduct a study to determine if the content on social media platforms 
effects financial panic and bank runs.
    (b) Report.--The Council shall submit a report to the Congress 
containing all findings and determinations made in carrying out the 
study required under subsection (a).
    (c) Social Media Platform Defined.--The term ``social media 
platform'' shall have the meaning given to such term in section 102(a) 
of the Financial Stability Act of 2010 (12 U.S.C. 5311).
                                 &lt;all&gt;
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