S. 3637 (112th): A bill to temporarily extend the transaction account guarantee program, and for other purposes.

Introduced:
Nov 26, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Harry Reid [D-NV]
Status:
Died (Reported by Committee)

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 November 27, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 26, 2012
Reported by Committee Nov 27, 2012
Votes

On Cloture on the Motion to Proceed S. 3637
Dec 11, 2012 2:16 p.m.
Cloture on the Motion to Proceed Agreed to 76/20

On the Motion (Motion to Waive All Applicable Budgetary Discipline Re: S.3637)
Dec 13, 2012 12:01 p.m.
Motion Rejected 50/42

Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

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

Summary

No summaries available.

Text

Read Bill Text »

Last updated Nov 27, 2012.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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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.

11/26/2012--Introduced.
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to extend through December 31, 2014, the transaction account guarantee program (TAG) established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide unlimited deposit insurance for noninterest-bearing transaction accounts (NIBTAs). Cites January 1, 2015, as the effective date upon which the net amount of insured deposit due to a depositor at an insured depository institution reverts to the standard statutory maximum ($250,000) for deposit insurance.
Requires the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA), to fully offset, in each calendar year, any estimated losses that may occur to the Deposit Insurance Fund and to the National Credit Union Share Insurance Fund, respectively, as a result of this Act by:
(1) estimating the losses, if any, that are expected to occur for each calendar year; and
(2) collecting an amount equal to such estimated losses by September 30 of the calendar year, in addition to the assessments that would otherwise be collected by either the FDIC or the NCUA with respect to such year for insured depository institutions.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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

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.)