To codify Executive Order 14331 on fair banking.
Summary
H.R. 5014 aims to codify Executive Order 14331, titled ``Guaranteeing Fair Banking for All Americans,'' into law. This would give the executive order the full force and effect of law, making it more difficult to overturn by future administrations. The bill was introduced in the House of Representatives and referred to the Committees on Financial Services and Small Business.
Expected Effects
If passed, Executive Order 14331 would become permanent law. This would likely lead to increased regulatory oversight of banking practices to ensure fairness. The specific effects would depend on the details of Executive Order 14331 itself.
Potential Benefits
- Increased protection against discriminatory banking practices.
- Greater access to financial services for underserved communities.
- Enhanced stability and fairness in the financial system.
- Potential for increased economic opportunity for marginalized groups.
- Reinforces the principle of equal opportunity in financial services.
Potential Disadvantages
- Potential for increased regulatory burden on banks, especially small businesses.
- Possible unintended consequences from rigid enforcement of fair banking standards.
- Risk of overreach by government agencies in regulating banking practices.
- Could lead to decreased profitability for some financial institutions.
- Potential for increased compliance costs for banks.
Constitutional Alignment
The bill's constitutional alignment depends on the specifics of Executive Order 14331. Congress has the power to regulate commerce (Article I, Section 8), which includes banking. However, the specific provisions of the executive order must not violate individual rights or exceed the scope of congressional authority. The bill itself is a valid exercise of legislative power under Article I, Section 1.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).