# 119-s-2999: Main Street Depositor Protection Act

119-s-2999, Main Street Depositor Protection Act, is a 119th Congress bill sponsored by Sen. Hagerty, Bill [R-TN] (R-TN); status in_committee; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-2999
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-2999
- Congress: 119
- Title: Main Street Depositor Protection Act
- Status: in_committee
- Introduced: 2025-10-09
- Sponsor: Sen. Hagerty, Bill [R-TN] (R-TN)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**Expands federal deposit insurance to noninterest-bearing transaction accounts up to $10 million per depositor.** The bill would create a separate insurance layer for these checking-like accounts at banks and credit unions while leaving standard insurance rules for other accounts in place. - Households and businesses: Would protect cash in checking-style accounts that do not earn interest by insuring noninterest-bearing transaction accounts up to $10 million in the aggregate per depositor. Coverage aggregates across accounts at subsidiaries of the same depository institution holding company. - Banks and credit unions: The FDIC and the National Credit Union Administration would publish 10-year phase-in plans and issue implementing regulations. Insured depository institutions with $10 billion or less in assets would receive temporary relief from certain special assessments during the transition. - Limits and enforcement: The proposal excludes foreign bank branches and subsidiaries of global systemically important banks from this new coverage. Agencies may adopt anti-evasion rules to stop shifting funds or structuring accounts to bypass the $10 million limit.

## Cosponsors (1)

- Sen. Alsobrooks, Angela D. [D-MD] (D-MD), 2025-10-09T00:00:00.000Z

## Provisions PRIA read

- More credit union insurance for noninterest accounts: benefit, high. If enacted, the bill would insure up to $10,000,000 of your noninterest-bearing transaction accounts at insured credit unions. That extra NIBTA coverage would be in addition to ordinary share insurance and would not count against normal limits. The NCUA Board must publish a plan within 1 year to ph…
- More FDIC insurance for noninterest accounts: benefit, high. If enacted, the bill would insure up to $10,000,000 of your noninterest-bearing transaction accounts at eligible U.S. banks. The FDIC would count balances at subsidiaries of the same holding company when totaling your coverage. Accounts at subsidiaries of global systemically important bank holding…
- Temporary assessment relief for small banks: benefit, medium. If enacted, the bill would stop certain special FDIC assessments for banks with $10 billion or less in assets during the bill's transition period. Those banks also would not have to pay assessment increases that are solely meant to offset reserve-ratio effects from extending NIBTA insurance, for th…

## Related bills

- 119-s-4949: Water Resources Development Act of 2026
- 119-s-1748: Kids Online Safety Act
- 119-s-394: GENIUS Act of 2025
- 119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026
- 119-s-3290: Financial Services and General Government Appropriations Act, 2026
- 119-s-1816: Improving Seniors’ Timely Access to Care Act of 2025

## Sources
- [119-s-2999 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/2999)

## Related
- [119-s-4949: Water Resources Development Act of 2026](https://policyrisk.com/legislation/119-s-4949)
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-394: GENIUS Act of 2025](https://policyrisk.com/legislation/119-s-394)
- [119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026](https://policyrisk.com/legislation/119-s-5025)
- [119-s-3290: Financial Services and General Government Appropriations Act, 2026](https://policyrisk.com/legislation/119-s-3290)
- [119-s-1816: Improving Seniors’ Timely Access to Care Act of 2025](https://policyrisk.com/legislation/119-s-1816)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-2999 (as of 2026-04-21).