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119-hr-10821119th CongressWALLET

To amend the Federal Deposit Insurance Act to make changes to the Standard Maximum Deposit Insurance Amount, and for other purposes.

Sponsored By: Representative Gottheimer, Josh [D-NJ-5]

Introduced

Summary

This bill would raise the standard maximum deposit insurance amount to $750,000 and require automatic annual inflation indexing plus a joint FDIC–NCUA study to set future coverage levels.

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  • Households and businesses with larger bank accounts would see deposit coverage expand to $750,000, up from the previous $250,000 cap, protecting more funds in a single institution.
  • Regulators and institutions must produce a joint report within one year. The Federal Deposit Insurance Corporation and the National Credit Union Administration must study deposit sizes, how balances are distributed, the insured versus uninsured ratio, and effects on the Deposit Insurance Fund.
  • The bill would start the new rule 180 days after enactment and add an annual adjustment tied to the Consumer Price Index for All Urban Consumers (CPI-U). Each January 1 the FDIC would raise the dollar cap by the prior 12-month CPI-U change and round the result down to the nearest $10,000.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Higher deposit insurance and annual CPI updates

If enacted, the bill would raise the standard maximum deposit insurance amount from $250,000 to $750,000. The change would take effect 180 days after enactment. The FDIC would adjust that coverage each January 1, starting the year after enactment, by the percent change in the Consumer Price Index for All Urban Consumers and round the new dollar figure down to the nearest $10,000. The FDIC and NCUA would also have to finish a joint study within one year on the appropriate coverage level and implementation needs.

Sponsors & CoSponsors

Sponsor

Gottheimer, Josh [D-NJ-5]

NJ • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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