US Congress House Bill 786 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 2 2009 - 25% progression, died in chamber
Action: 2009-02-23 - Placed on the Union Calendar, Calendar No. 6.
Text: Latest bill text (Introduced) [PDF]

Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act (FCUA) to redefine the standard maximum deposit insurance amount and the standard maximum share insurance amount as being $250,000, respectively (thus making such increase permanent). Amends the FDIA to: (1) extend from five years to eight years the period during which the restoration plan for the Deposit Insurance Fund (DIF) must rebuild its statutory reserve ratio; (2) increase to $100 billion the borrowing authority of the Federal Deposit Insurance Corporation (FDIC); and (3) authorize the FDIC to impose special assessments upon depository institution holding companies to recover losses to the DIF. Amends the FCUA to: (1) increase to $6 billion the borrowing authority of the National Credit Union Administration (NCUA); and (2) require the NCUA Board to establish a Share Insurance Fund (SIF) restoration plan whenever the Board projects that the SIF equity ratio will fall below, or the SIF equity ratio actually does fall below, the required minimum amount. Sets forth restoration plan requirements.

To make permanent the temporary increase in deposit insurance coverage, and for other purposes.

Rep. Barney Frank [D-MA]

Date	Chamber	Action
2009-02-23		Placed on the Union Calendar, Calendar No. 6.
2009-02-23		Reported (Amended) by the Committee on Financial Services. H. Rept. 111-18.
2009-02-04		Ordered to be Reported (Amended) by Voice Vote.
2009-02-04		Committee Consideration and Mark-up Session Held.
2009-02-02		Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/786/all-info
Text	https://www.congress.gov/111/bills/hr786/BILLS-111hr786ih.pdf
Text	https://www.congress.gov/111/bills/hr786/BILLS-111hr786rh.pdf