S. 5389 — Ending Presidential Corruption in Banking Act

This section defines terms for the Act. It defines "bank" as a depository institution or any company controlling one. It defines "covered application" as an application for a national bank charter, master account, federal deposit insurance, or other federal banking license. It defines "covered person" as the President, Vice President, Members of Congress, Senate-confirmed executive branch appointees, special government employees in the Executive Office of the President, or spouses or children of the President or Vice President.

This section prohibits the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency from approving covered applications for banks if a covered person owns or controls more than 10 percent of any class of voting securities, serves as an organizer or senior executive, or otherwise exercises a controlling influence. It requires those agencies to terminate the charters, licenses, master accounts, and deposit insurance of any banks approved after January 20, 2025, under the same conditions, with reviews completed within 60 days of enactment.

This section prohibits the President, Vice President, or their spouse or child from owning, controlling, or voting more than 10 percent of any class of voting securities of a bank, serving as a senior executive of a bank, or otherwise exercising a controlling influence over a bank. It requires the Federal Reserve Board, FDIC, and OCC to terminate the bank's charter, license, master account, or deposit insurance if compliance is not achieved within 30 days after inauguration.