Social Media Bank Run Act

Bill: 118-hr-2396
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2023-03-29
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-29
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-03-29
action_desc: Introduced in House
text: <p class="MsoNormal" style="line-height: normal;"><b>Social Media Bank Run Act</b></p> <p class="MsoNormal" style="line-height: normal;">This bill requires the Financial Stability Oversight Council to (1) monitor social media platforms for indications of potential bank runs or financial panics that could threaten the financial stability of the United States, and (2) report its findings to Congress.&nbsp; </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2396 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.

1. Short title This Act may be cited as the Social Media Bank Run Act . 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. . 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 ).