H.R. 3234: Keeping Deposits Local Act

The Keeping Deposits Local Act allows banks and financial institutions to accept more reciprocal deposits by increasing the insured amount based on their total liabilities. It also relaxes qualification criteria, enabling institutions with a CAMELS rating of 1, 2, or 3 to accept these deposits, rather than just those rated as outstanding or good.

Supporters of the Keeping Deposits Local Act argue that it will enhance the stability of local banks by allowing them to better manage large deposits. They believe this could lead to increased lending and investment in local communities, thereby boosting economic growth.

Critics of the Keeping Deposits Local Act express concern that the relaxed qualifications for accepting reciprocal deposits could lead to increased risk in the banking system. They argue that this may allow less stable institutions to take on more deposits, potentially jeopardizing the safety of depositors' funds.

The analysis of H.R. 3234, the Keeping Deposits Local Act, reveals no direct industry overlaps between the sponsor Tom Emmer's top donor industries and the bill's subject matter. While there is lobbying activity related to this bill, the disclosed amounts do not indicate a significant financial influence from any particular industry that would create a conflict of interest. The only disclosed lobbying amount is $100,000 from Dirshu International, which does not appear to have a direct connection to the bill's focus on local deposits. Overall, the absence of direct financial ties suggests a low risk of conflict for voters to consider.

Organizations that lobbied on issues related to this bill's policy area.

Source: Senate Lobbying Disclosure Act (LDA) filings, 2026

Source: GovTrack.us roll call vote data.