Sens. Orrin Hatch, R-Utah; Angus King, I-Maine; and Bill Nelson, D-Fla., on May 26 introduced Senate Bill 1284, or the Community Bank Relief Act.
The bipartisan bill requires the Federal Reserve to increase the asset threshold for eligibility under the Small Bank Holding Company Policy Statement. The lawmakers propose a new threshold of $5 billion, from the current $1 billion.
However, entities may still be excluded at the Federal Reserve's discretion.
The senators' press release, citing Federal Deposit Insurance Corporation data, said the raising of the threshold would affect a total of 443 bank holding companies and savings and loan holding companies.