This bill matters because it deals with 'zombie accounts' and hidden fees, which are major pain points for many Americans. Many people close accounts to avoid high fees or because they are struggling financially; having that account suddenly reappear with a negative balance can be a major financial setback.

If this bill becomes law, the government officially maintains its stance that reopening accounts without consent is an unfair practice. If it fails, banks have more leeway to revive closed accounts, which critics argue puts the burden on the consumer to monitor 'dead' accounts for years after they've moved on.