United States 113th Congress Status: Enacted 1 D cosponsors

HR 3374 — American Savings Promotion Act

Last action — Became Public Law No: 113-251.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced October 29, 2013. Enacted.

Summary

American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a "savings promotion raffle," in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or program, where each ticket or entry has an equal chance of being drawn. Subjects such drawing contest to regulations promulgated by the appropriate prudential regulator. Excludes such "savings promotion raffle" from the prohibition against a covered financial institution's dealing in "lottery" tickets. Amends the federal criminal code to exempt: (1) savings promotion raffles conducted by an insured depository institution or an insured credit union from specified prohibitions against interstate and foreign travel or transportation in aid of racketeering enterprises, and (2) any savings promoton raffle from the prohibition against illegal gambling businesses.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 3374 on the official United States source →

Action History

  1. Became Public Law No: 113-251.

  2. Signed by President.

  3. Presented to President.

  4. Message on Senate action sent to the House.

  5. Passed Senate without amendment by Unanimous Consent.

  6. Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S6580)

  7. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  8. Motion to reconsider laid on the table Agreed to without objection.

  9. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7504-7505)

  10. DEBATE - The House proceeded with forty minutes of debate on H.R. 3374.

  11. Considered under suspension of the rules. (consideration: CR H7504-7506)

  12. Mr. Fitzpatrick moved to suspend the rules and pass the bill, as amended.

  13. Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

  14. Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations.

  15. Referred to House Judiciary

  16. Referred to House Financial Services

  17. Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance
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Frequently asked questions

What does HR 3374 do?
American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a "savings promotion raffle," in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or program, where each ticket or entry has an equal chance of being drawn. Subjects such drawing contest to regulations promulgated by the appropriate prudential regulator. Excludes such "savings promotion raffle" from the prohibition against a covered financial institution's dealing in "lottery" tickets. Amends the federal criminal code to exempt: (1) savings promotion raffles conducted by an insured depository institution or an insured credit union from specified prohibitions against interstate and foreign travel or transportation in aid of racketeering enterprises, and (2) any savings promoton raffle from the prohibition against illegal gambling businesses.
Who sponsors HR 3374?
HR 3374 is sponsored by Derek Kilmer (D).
What is the current status of HR 3374?
This bill has been enacted into law. Introduced October 29, 2013. Enacted.
Where can I track HR 3374?
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