S. 1945 (107th): Safe and Fair Deposit Insurance Act of 2002

Introduced:
Feb 14, 2002 (107th Congress, 2001–2002)
Sponsor:
Sen. Tim Johnson [D-SD]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 229 (108th) on Jan 29, 2003.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 14, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 14, 2002
Referred to Committee Feb 14, 2002
Cosponsors
18 cosponsors (14D, 4R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to provide for the merger of the bank and savings association deposit insurance funds, to modernize and improve the safety and fairness of the Federal deposit insurance system, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 14, 2002.
56 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/14/2002--Introduced.
Safe and Fair Deposit Insurance Act of 2002 - Mandates that the Bank Insurance Fund and the Savings Association Insurance Fund be merged into the Deposit Insurance Fund (DIF) established by this Act.
Amends the Federal Deposit Insurance Act (FDIA) to establish the DIF. Mandates that all assessments against insured depository institutions by the Federal Deposit Insurance Corporation (FDIC) be deposited into the DIF.
Authorizes the Federal Deposit Insurance Corporation (FDIC) to borrow from the Federal home loan banks funds necessary for DIF use.
Deposit Insurance Reform Act of 2002 - Amends the FDIA to: (1) prohibit an undercapitalized insured depository institution from accepting employee benefit plan deposits; (2) increase the amount of Federal insurance coverage (including an inflation adjustment); and (3) include retirement accounts and municipal deposits within such coverage.
Requires the FDIC Board of Directors, before the beginning of each calendar year, to designate the reserve ratio applicable to the DIF.
Prohibits the Board from modifying its information collection requirements if such modification is done solely to change assessment risk classifications and results in placing greater regulatory or reporting burdens upon an insured depository institution.
Allows credits based upon past contributions to the DIF.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

  • Public Law 105-219

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 112 Stat. 931

Other Citations

  • 5 U.S.C. Chapter 5