Federal Deposit Insurance Reform Act of 2002

Summary

Federal Deposit Insurance Reform Act of 2002 - Mandates the merger of the Bank Insurance Fund and the Savings Association Insurance Fund into the Deposit Insurance Fund. Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act to: (1) increase the amount of deposit insurance coverage; (2) couple such increase with an inflation adjustment; and (3) double the amount of deposit insurance for certain retirement accounts. Amends the FDIA to increase the amount of deposit insurance coverage for municipal deposits. Expands the range of authorized investments for the Federal Deposit Insurance Corporation (FDIC) to include Federal agency obligations or comparable obligations authorized by the Secretary of the Treasury. Repeals: (1) independent treatment of each deposit insurance fund with respect to assessments and designated reserve ratio; (2) minimum risk-based assessments for certain at-risk deposit insurance funds; (3) limitations on assessments on deposit insurance funds that fail to meet the designated reserve ratio; and (4) the special rule for recapitalizing undercapitalized funds. Instructs the FDIC Board of Directors to establish annually a designated reserve ratio that falls within a prescribed range. Replaces refund guidelines with rebates to insured depository institutions that are predicated upon DIF balances in excess of specified percentages. Instructs the FDIC to establish a Deposit Insurance Fund Restoration Plan to ensure adequate reserves whenever the actual ratio in the DIF falls below certain criteria. Directs the Comptroller General to study and report to Congress on FDIC administrative structure, expenses, and certain activities, and further possible changes to the deposit insurance system.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 February 2002

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 12 February 2002

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 February 2002

   Introduced

   Introduced in House

   Source: IntroReferral

4. 1 March 2002

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

5. 7 March 2002

   Committee

   Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.

   Source: Committee

6. 7 March 2002

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

7. 17 April 2002

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 2.

   Source: Committee

8. 17 April 2002

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

9. 16 May 2002

   Calendars

   Placed on the Union Calendar, Calendar No. 278.

   Source: Calendars

10. 16 May 2002

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 107-467.

    Source: Committee

11. 16 May 2002

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 107-467.

    Source: Committee

12. 21 May 2002

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed until May 22.

    Source: Floor

13. 21 May 2002

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3717.

    Source: Floor

14. 21 May 2002

    Floor

    Considered under suspension of the rules. (consideration: CR H2787-2803)

    Source: Floor

15. 21 May 2002

    Floor

    Mr. Oxley moved to suspend the rules and pass the bill, as amended.

    Source: Floor

16. 22 May 2002

    Floor

    Considered as unfinished business. (consideration: CR H2860)

    Source: Floor

17. 22 May 2002

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

18. 22 May 2002

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 408 - 18 (Roll no. 190). (text: CR 5/21/2002 H2787-2794)

    Source: Floor

19. 22 May 2002

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 408 - 18 (Roll no. 190).(text: CR 5/21/2002 H2787-2794)

    Source: Floor

20. 23 May 2002

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referred in Senate · 23 May 2002 · Official file
• Engrossed in House · 22 May 2002 · Official file
• Reported in House · 16 May 2002 · Official file
• Introduced in House · 12 February 2002 · Official file

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 23 May 2002

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 23 May 2002

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 22 May 2002

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 22 May 2002

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 22 May 2002

  Open at official source

• Reported in House (text)

  Reported in House · EN · 16 May 2002

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 16 May 2002

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 16 May 2002

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 12 February 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 February 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 February 2002

  Open at official source

Sponsors

• Rep. Bachus, Spencer [R-AL-6] · R · Sponsor
• Rep. Oxley, Michael G. [R-OH-4] · R · Sponsor
• Rep. Gillmor, Paul E. [R-OH-5] · R · Sponsor
• Rep. Leach, James A. [R-IA-1] · R · Sponsor
• Rep. Roukema, Marge [R-NJ-5] · R · Sponsor
• ED ROYCE · R · Sponsor
• Rep. Ney, Robert W. [R-OH-18] · R · Sponsor
• PETER KING · R · Sponsor
• Rep. Weldon, Dave [R-FL-15] · R · Sponsor
• Rep. Riley, Bob [R-AL-3] · R · Sponsor
• WALTER JONES · R · Sponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Sponsor
• PATRICK TIBERI · R · Sponsor
• Rep. Biggert, Judy [R-IL-13] · R · Sponsor
• John Thune · R · Sponsor
• Rep. Hart, Melissa A. [R-PA-4] · R · Sponsor
• Rep. LaTourette, Steven C. [R-OH-14] · R · Cosponsor
• Rep. Kelly, Sue W. [R-NY-19] · R · Cosponsor
• Rep. Shows, Ronnie [D-MS-4] · D · Cosponsor
• Rep. Lucas, Ken [D-KY-4] · D · Cosponsor
• Jerry Moran · R · Cosponsor
• FRED UPTON · R · Cosponsor
• Rep. Pickering, Charles W. "Chip" [R-MS-3] · R · Cosponsor
• Rep. Green, Mark [R-WI-8] · R · Cosponsor
• Rep. Ryun, Jim [R-KS-2] · R · Cosponsor
• Rep. LaHood, Ray [R-IL-18] · R · Cosponsor
• Rep. Stenholm, Charles W. [D-TX-17] · D · Cosponsor
• Shelley Capito · R · Cosponsor
• Rep. Gordon, Bart [D-TN-6] · D · Cosponsor
• Rep. Simmons, Rob [R-CT-2] · R · Cosponsor
• JOHN SHIMKUS · R · Cosponsor
• Rep. Holden, Tim [D-PA-17] · D · Cosponsor
• Rep. Keller, Ric [R-FL-8] · R · Cosponsor
• Rep. Watson, Diane E. [D-CA-33] · D · Cosponsor
• Rep. Combest, Larry [R-TX-19] · R · Cosponsor
• Rep. Boswell, Leonard L. [D-IA-3] · D · Cosponsor
• Rep. Barr, Bob [R-GA-7] · R · Cosponsor
• Sen. Udall, Mark [D-CO] · D · Cosponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Cosponsor
• Rep. Kingston, Jack [R-GA-1] · R · Cosponsor
• Rep. Mica, John L. [R-FL-7] · R · Cosponsor
• Rep. Nethercutt, George R., Jr. [R-WA-5] · R · Cosponsor
• Rep. Jones, Stephanie Tubbs [D-OH-11] · D · Cosponsor
• Rep. Hefley, Joel [R-CO-5] · R · Cosponsor
• Rep. McInnis, Scott [R-CO-3] · R · Cosponsor
• COLLIN PETERSON · D · Cosponsor
• Rep. Sanchez, Loretta [D-CA-46] · D · Cosponsor
• Rep. Ross, Mike [D-AR-4] · D · Cosponsor

Showing 48 of 66 sponsors and actors.

Related records

• related to ← Safe and Fair Deposit Insurance Act of 2002