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.
H.R. 3234 was introduced in the 119th Congress by Tom Emmer (Republican) and is currently listed as “Passed House”. It is classified under the Finance and Financial Sector policy area, one of 159 bills in that area we track this Congress.
Tom Emmer is the sponsor of 3 bills in our database this Congress, so H.R. 3234 is part of a broader legislative agenda rather than a one-off proposal.
The most significant recorded vote (House, May 20, 2026) ended 405–0.
Senate lobbying disclosures list 15 organizations lobbying on this bill’s issue area.
Our conflict-of-interest analysis rates H.R. 3234 3/10 (low risk), higher than 87% of analyzed bills; the average in Finance and Financial Sector is 2.3/10.
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.
| Client | Lobbying Firm | Amount |
|---|---|---|
| DIRSHU INTERNATIONAL | MERKAVA STRATEGIES CORPORATION | $100,000 |
| CEO WORKS | SAUNDERS GLOBAL DIPLOMACY | $45,000 |
| KAZI IG | SAUNDERS GLOBAL DIPLOMACY | $15,000 |
| SOUTHERN FOLGER CONTRACTING | BBT STRATEGIES LLC | $10,000 |
| WATERFRONT GLOBAL | BBT STRATEGIES LLC | $5,200 |
| DIGITALEUROPE | VIVID STRATEGIES LLC | undisclosed |
| INTERNATIONAL CHRISTIAN CHAMBER OF COMMERCE | MERKAVA STRATEGIES CORPORATION | undisclosed |
| DR. STEPHEN SOLOWAY | MERKAVA STRATEGIES CORPORATION | undisclosed |
| ONE ISRAEL FUND | MERKAVA STRATEGIES CORPORATION | undisclosed |
| HEMOGLOBIN OXYGEN THERAPEUTICS | MERKAVA STRATEGIES CORPORATION | undisclosed |
| ATAOLLAH AMINPOUR | MERKAVA STRATEGIES CORPORATION | undisclosed |
| HERSEL NEMAN | MERKAVA STRATEGIES CORPORATION | undisclosed |
| MORAD BEN NEMAN | MERKAVA STRATEGIES CORPORATION | undisclosed |
| MARK SCOTT | MERKAVA STRATEGIES CORPORATION | undisclosed |
| BORIS MINTS | MERKAVA STRATEGIES CORPORATION | undisclosed |
Source: Senate Lobbying Disclosure Act (LDA) filings, 2026
Source: GovTrack.us roll call vote data.
What does H.R. 3234 do?
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.
How did Congress vote on H.R. 3234?
The most significant recorded vote (House, May 20, 2026) ended 405–0.
Does H.R. 3234 have a conflict of interest?
Our conflict-of-interest analysis rates H.R. 3234 3/10 (low risk), higher than 87% of analyzed bills; the average in Finance and Financial Sector is 2.3/10. This score reflects overlap between the sponsor’s campaign funding, lobbying activity, and the industries the bill affects. It is a transparency indicator, not an accusation.
What is the status of H.R. 3234?
H.R. 3234 is currently “Passed House” as of our last update on May 22, 2026.
Who sponsored H.R. 3234?
H.R. 3234 was sponsored by Tom Emmer (Republican).
