Depositor Protection Act of 2009

Summary

The Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to increase from $30 billion to $100 billion the maximum sum that the Federal Deposit Insurance Corporation (FDIC) is authorized to borrow from the Secretary of the Treasury. Authorizes a temporary increase, through calendar 2010, in such borrowing authority, up to a maximum of $500 billion, if the Secretary of the Treasury, in consultation with the President, determines that additional amounts above $100 billion are necessary, pursuant to the written recommendation of the FDIC Board of Directors and the Board of Governors of the Federal Reserve System (Federal Reserve Board). Requires a two-thirds vote of the members of both the FDIC Board of Directors and the Federal Reserve Board to make such a recommendation. Requires the FDIC, if its borrowing authority is increased above $100 billion, to report promptly to certain congressional committees the reasons and need for the additional borrowing authority and its intended uses.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 March 2009

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 March 2009

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• Introduced in Senate

  summary · EN · 5 March 2009

  Open at official source

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