Safe and Fair Deposit Insurance Act of 2003

Summary

Safe and Fair Deposit Insurance Act of 2003 - Insurance Funds Merger Act of 2003 - 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 FDIC to borrow from the Federal home loan banks funds necessary for DIF use. Deposit Insurance Reform Act of 2003 - Amends the FDIA to: (1) prohibit an undercapitalized insured depository institution from accepting employee benefit plan deposits; (2) increase Federal insurance coverage (including an inflation adjustment); and (3) include retirement accounts and municipal deposits within such coverage. Requires the FDIC Board of Directors 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.

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Timeline

1. 29 January 2003

   Introduced

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

   Source: IntroReferral

2. 29 January 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 29 January 2003 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 January 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 January 2003

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 29 January 2003

  Open at official source

Sponsors

• Rep. Johnson, Tim [D-SD-At Large] · D · Sponsor
• Sen. Hagel, Chuck [R-NE] · R · Sponsor
• John Reed · D · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Allard, Wayne [R-CO] · R · Sponsor
• Sen. Nelson, Ben [D-NE] · D · Cosponsor
• Rep. Breaux, John B. [D-LA-7] · D · Cosponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Cosponsor
• Sen. Dayton, Mark [D-MN] · D · Cosponsor
• Rep. Cochran, Thad [R-MS-4] · R · Cosponsor
• Sen. Feingold, Russell D. [D-WI] · D · Cosponsor
• Richard Durbin · D · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• Rep. Dorgan, Byron L. [D-ND-At Large] · D · Cosponsor
• · ssbk00 · Standing

Related records

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