118th Congress Finance and Financial Sector
S. 3012: Deposit Security Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Mike Braun R-INOriginal
- John Hickenlooper D-COOriginal
Who scored on this bill
- 1Joe Manchin SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Joe Manchin
History
- Introduced in the Senate by Joe Manchin.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.