Ending Presidential Corruption in Banking Act

This bill would bar the Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency from approving bank charters, master accounts, federal deposit insurance, or other federal banking licenses for banks in which certain federal officials or their family members hold more than 10 percent of voting shares, serve as an organizer or senior executive, or otherwise have controlling influence. Covered officials include the President, Vice President, Members of Congress, Senate-confirmed executive branch appointees, certain special government employees in the Executive Office of the President, and the spouses and children of the President and Vice President. Within 60 days of the law taking effect, regulators would have to terminate the charters, licenses, master accounts, and deposit insurance of such banks whose applications were approved after January 20, 2025. The bill would also make it unlawful for the President, Vice President, or their spouses or children to own or control a bank, and would require regulators to terminate the bank's charter and other approvals if they do not comply within 30 days of inauguration.

Full text and official record on Congress.gov

Sponsors

• Elizabeth Warren Democrat sponsor
• 15 cosponsors