,,ii  #aahth ,,congress  #ast ,session  
,s4 #bdjc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bj1     
#bjbc,mr4 ,vance introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,federal ,deposit 
,insurance ,act to provide for the      
insurance of transaction accounts1 and  
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,payroll 
,account ,guarantee ,act of #bjbc4  #b4 
,insurance of transaction accounts  7a7 
,banks and savings associations ,section
 #aa7;a77#a7 of the ,federal ,deposit   
,insurance ,act 7#ab ,u4,s4,c4          
#ahba7;a77#a77 is amended-- 7#a7 in     
subparagraph 7,b7-- 7,a7 by striking    
,the net amount and inserting the       
following3  7i7 ,in general ,subject to 
clause 7ii71 the net amount  2 and  7,b7
 by adding at the end the following new 
clauses3  7ii7 ,insurance for           
noninterest-bearing transaction accounts

  7,i7 ,definition ,for purposes of this
 subparagraph1 the term                 
noninterest-bearing transaction account 
means a deposit or account maintained at
 an insured depository institution--    
7aa7 with respect to which interest is  
neither accrued nor paid2  7bb7 on which
 the depositor or account holder is     
permitted to make withdrawals by        
negotiable or transferable instrument1  
payment orders of withdrawal1 telephone 
or other electronic media transfers1 or 
other similar items for the purpose of  
making payments or transfers to third   
parties or others2 and  7cc7 on which   
the insured depository institution does 
not reserve the right to require advance
 notice of an intended withdrawal4      
7,,ii7 ,insurance ,notwithstanding      
clause 7i71 the ,corporation shall fully
 insure the net amount that any         
depositor at an insured depository      
institution with less than              
#bbe1jjj1jjj1jjj in assets maintains in 
a noninterest-bearing transaction       

account4 ,such amount shall not be taken
 into account when computing the net    
amount due to such depositor under      
clause 7i74  7,,iii7 ,no fees ,no fee   
may be levied on an insured depository  
institution for the insurance under this
 clause4  4  7#b7 in subparagraph 7,c71 
by striking subparagraph 7,b7 and       
inserting subparagraph 7,b77i74  7b7    
,credit unions ,section #bjg7k77#a7 of  
the ,federal ,credit ,union ,act 7#ab   
,u4,s4,c4 #aghg7k77#a77 is amended--    
7#a7 in subparagraph 7,a7-- 7,a7 by     
striking ,subject to the provisions of  
paragraph 7#b71 the net amount and      
inserting the following3  7i7 ,net      
amount of insurance payable ,subject to 
clause 7ii7 and the provisions of       
paragraph 7#b71 the net amount  2 and   
7,b7 by adding at the end the following 
new clauses3  7ii7 ,insurance for       
noninterest-bearing transaction accounts
  7,i7 ,definition ,for purposes of this
 subparagraph1 the term                 
noninterest-bearing transaction account 

means an account or deposit maintained  
at an insured credit union-- 7aa7 with  
respect to which interest is neither    
accrued nor paid2  7bb7 on which the    
account holder or depositor is permitted
 to make withdrawals by negotiable or   
transferable instrument1 payment orders 
of withdrawal1 telephone or other       
electronic media transfers1 or other    
similar items for the purpose of making 
payments or transfers to third parties  
or others2 and  7cc7 on which the       
insured credit union does not reserve   
the right to require advance notice of  
an intended withdrawal4  7,,ii7         
,insurance ,notwithstanding clause 7i71 
the ,board shall fully insure the net   
amount that any member or depositor at  
an insured credit union maintains in a  
noninterest-bearing transaction account4
 ,such amount shall not be taken into   
account when computing the net amount   
due to such member or depositor under   
clause 7i74  7,,iii7 ,no fees ,no fee   
may be levied on an insured credit union

 for the insurance under this clause4  4
  7#b7 in subparagraph 7,b71 by striking
 subparagraph 7,a7 and inserting        
subparagraph 7,a77i74