Legislation1w ago
42
To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR8075119th CongressWALLET
To authorize the Secretary of the Treasury to direct the Federal Deposit Insurance Corporation and the National Credit Union Administration to establish emergency transaction account guarantee programs, and for other purposes.
Sponsored By: Representative Barr
Introduced
Summary
Creates temporary full insurance for non-interest-bearing transaction accounts during declared bank or credit union stress events. The Treasury would be able to direct the FDIC and the National Credit Union Administration to set up short-term guarantee programs to protect those transaction balances when broad deposit instability threatens the financial system.
Show full summary
- Families and everyday account holders: Would see their non-interest-bearing checking and transaction accounts fully protected while a Treasury-declared stress event is in effect. This covers accounts that do not pay interest or pay only a de minimis amount.
- Banks and credit unions: Would face limits on program size set by the Treasury and could be hit with special assessments to repay any losses to the Deposit Insurance Fund or the National Credit Union Share Insurance Fund. Programs would end within 6 months and could be extended one time for 3 months with additional justification.
- Oversight and transparency: The Treasury must consult the President before declaring a stress event and must testify to Congress within 30 days of starting a program. The Government Accountability Office must review the program and report within 90 days after it ends.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Temporary full insurance for bank checking
If enacted, your non‑interest transaction account at an FDIC‑insured bank would be fully insured during a Treasury‑declared banking stress event. The Secretary of the Treasury and the President would have to first declare the event and set the maximum amount the Deposit Insurance Fund may spend before coverage starts. Coverage would run up to 6 months and could be extended one time for 3 more months only with the same approval and a report to Congress. Any losses would be repaid by special assessments on insured banks or on bank holding companies with Treasury concurrence, and the FDIC could issue rules and follow reporting and oversight steps.
Temporary full insurance for credit union accounts
If enacted, your non‑interest transaction account or share at an NCUA‑insured credit union would be fully insured during a Treasury‑declared credit union stress event. The Secretary of the Treasury and the President would have to first declare the event and set the maximum amount the Share Insurance Fund may spend before coverage starts. Coverage would run up to 6 months and could be extended one time for 3 more months only with the same approval and a report to Congress. Any losses would be repaid by special assessments on insured credit unions, and the NCUA could issue rules and follow reporting and oversight steps.
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Sponsors & CoSponsors
Sponsor
Barr
KY • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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