No Red and Blue Banks Act

Bill: 117-hr-4304
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2021-07-01
Policy area: Government Operations and Politics
Subjects: Bank accounts, deposits, capital

Finance and Financial Sector

Public contracts and procurement
Latest action: action_date: 2021-07-01
text: Referred to the House Committee on Oversight and Reform.

Summaries:
action_date: 2021-07-01
action_desc: Introduced in House
text: <p><b>No Red and Blue Banks Act</b></p> <p>This bill prohibits the General Services Administration from awarding a contract to a bank or savings association insured by the Federal Deposit Insurance Corporation if the institution avoids doing business with companies based solely on social policy considerations.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4304 IN THE HOUSE OF REPRESENTATIVES July 1, 2021 Mr. Budd introduced the following bill; which was referred to the Committee on Oversight and Reform A BILL To prohibit the General Services Administration from awarding contracts to certain insured depository institutions that avoid doing business with certain companies that are engaged in lawful commerce based solely on social policy considerations.

1. Short title This Act may be cited as the No Red and Blue Banks Act . 2. Insured depository institutions (a) In general The General Services Administration may not award a contract to an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ), or an affiliate of a depository institution if the insured depository institution or affiliate avoids doing business with certain companies that the insured depository institution or affiliate believes are engaged in lawful commerce based solely on social policy considerations. (b) Applicability This Act shall not apply to any contract awarded before the date of enactment of this Act.