Deposit Security Act

Summary

Deposit Security Act This bill increases the amount of deposit insurance available to noninterest-bearing transaction accounts through the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Under current law, deposits are generally insured up to $250,000. Specifically, noninterest-bearing transaction accounts at FDIC-insured depository institutions and at NCUA-insured credit unions must be insured up to $10 million. However, an institution or credit union may opt-out of this insurance during the 30-day period beginning on the date the program starts. In addition, the maximum deposit insurance amount must be adjusted for inflation every two years.   

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Timeline

1. 4 October 2023

   Introduced

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

   Source: IntroReferral

2. 4 October 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 4 October 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 October 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 October 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 October 2023

  Open at official source

Sponsors

• Sen. Manchin, Joe, III [I-WV] · D · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• John Hickenlooper · D · Sponsor
• · ssbk00 · Standing

Related records

No cross-record relationships stored yet.