H.R. 1679, To amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa

H.R. 1679

To amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa

Sponsor
Rep. Eni Faleomavaega

Date
June 9, 2014 (113th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Monday, June 9, 2014, the House will consider H.R. 1679, a bill to amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa, under a suspension of the rules.  H.R. 1679 was introduced on April 23, 2013 by Del. Eni Faleomavaega (D-AS) and referred to the Committee on Financial Services.

Bill Summary

H.R. 1679, as amended, amends the Expedited Funds Availability Act to clarify that the requirements of that Act apply to the American Samoa and Commonwealth of the Northern Mariana Islands.  Specifically, the bill clarifies that the definitions of “United States” and “Receiving Depository Institution” include American Samoa and Northern Mariana Islands.  Additionally, the bill clarifies that the time periods within which banks must clear checks and make funds available to its customers that currently apply to Hawaii, Alaska, Puerto Rico and the Virgin Islands shall also apply to banks located in American Samoa and the Commonwealth of the Northern Marina Islands.  The effective date for the bill is January 1, 2016.

Background

The Expedited Funds Availability Act created normalized holding and clearing times on all deposits.  However, when the Act was passed, American Samoa was inadvertently excluded.  This legislation is simply a technical correction to the Act.

Cost

A CBO cost estimate is currently unavailable.

Additional Information

For questions or further information contact the GOP Conference at 5-5107.