H. R. 4928
IN THE HOUSE OF REPRESENTATIVES
March 24, 2010
Mr. Gutierrez introduced the following bill; which was referred to the Committee on Financial Services
To amend the Federal Deposit Insurance Act to permanently extend the Transaction Amount Guarantee Program.
Permanent extension of the Transaction Amount Guarantee Program
Section 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is amended—
in subparagraph (B)—
The net amount and inserting the following:
Subject to clause (ii), the net amount
by adding at the end the following new clauses:
Insurance for noninterest-bearing transaction accounts
Notwithstanding clause (i), the Corporation shall fully insure the net amount that any depositor at an insured depository institution maintains in a noninterest-bearing transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i).
Noninterest-bearing transaction account defined
For purposes of this subparagraph, the term
noninterest-bearing transaction account means a deposit or account maintained at an insured depository institution—
with respect to which interest is neither accrued nor paid;
on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone or other electronic media transfers, or other similar items for the purpose of making payments or transfers to third parties or others; and
on which the insured depository institution does not reserve the right to require advance notice of an intended withdrawal.
in subparagraph (C), by striking
subparagraph (B) and inserting
The amendments made by subsection (a) shall take effect on July 1, 2010.