,i #aaith ,,congress #b;d ,session ,h4 ,r4 #hjge ,,in ,,the ,,house ,,of ,,representatives ,march #be1 #bjbf,mr4 ,barr introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to authorize the ,secretary of the ,treasury to direct the ,federal ,deposit ,insurance ,corporation and the ,national ,credit ,union ,administration to establish emergency transaction account guarantee programs1 and for other purposes4 #a4 ,emergency ,,tag program authority 7a7 ,insured depository institutions ,section #ac of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7 is amended by adding at the end the following3 7l7 ,emergency ,,tag program authority 7#a7 ,in general ,after a determination by the ,secretary of the ,treasury under paragraph 7#b71 and subject to the limits in paragraph 7#c71 the ,board of ,directors may establish an emergency transaction account guarantee program under which the ,corporation fully insures the deposits of all insured depository institutions that are maintained in non-interest-bearing transaction accounts4 7#b7 ,banking stress event determination ,the ,board of ,directors may establish a program under paragraph 7#a7 only if-- 7,a7 the ,secretary of the ,treasury1 in consultation with the ,president1 determines that-- 7i7 a banking stress event exists that presents serious adverse effects on economic conditions or the stability of the banking system2 and 7ii7 use of the program authorized under this subsection would avoid or mitigate such adverse effects2 and 7,b7 the ,secretary of the ,treasury gives immediate notice of such determination to the ,board of ,directors and the ,board of ,governors of the ,federal ,reserve ,system4 7#c7 ,program limitations 7,a7 ,limitation on size 7i7 ,in general ,before the ,corporation insures any deposits pursuant to a program established under paragraph 7#a71 the ,secretary of the ,treasury shall1 in consultation with the ,president1 determine the maximum amount of costs that the ,deposit ,insurance ,fund may incur under the program4 7ii7 ,increase ,notwithstanding clause 7i71 the maximum amount of costs for a program established under paragraph 7#a7 may be increased1 if-- 7,i7 such increase is approved in the same manner as a program established under paragraph 7#a72 and 7,,ii7 the ,secretary of the ,treasury issues a report to the ,congress containing data and analysis justifying the increase4 7,b7 ,limitation on duration 7i7 ,in general ,the ,corporation shall terminate each program established under paragraph 7#a7 no later than the date that is #f months after the date of commencement of the program4 7ii7 ,extension ,notwithstanding clause 7i71 the termination date for a program established under paragraph 7#a7 may be extended one time for an additional #c-month period1 if-- 7,i7 such extension is approved in the same manner as a program established under paragraph 7#a72 and 7,,ii7 the ,secretary of the ,treasury issues a report to the ,congress containing data and analysis justifying the extension4 7#d7 ,testimony to ,congress ,not later than #cj days after a program is established under paragraph 7#a71 the ,secretary of the ,treasury shall testify before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with respect to the program4 7#e7 ,,gao review ,not later than #ij days after the termination of a program established under paragraph 7#a71 the ,comptroller ,general of the ,united ,states shall review the program and issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out such review4 7#f7 ,repayment of loss 7,a7 ,in general ,the ,corporation shall recover any loss to the ,deposit ,insurance ,fund arising from any program established under paragraph 7#a7 from #a or more special assessments on insured depository institutions1 depository institution holding companies 7except that a special assessment on a depository institution holding company shall require the concurrence of the ,secretary of the ,treasury71 or both1 as the ,corporation determines to be appropriate4 7,b7 ,rule of application ,for purposes of this paragraph1 sections #g7;c77#b7 and #ah7;h7 shall apply to depository institution holding companies as if they were insured depository institutions4 7#g7 ,rulemaking ,the ,corporation may issue such rules as the ,corporation determines to be appropriate to carry out the provisions of this subsection4 7#h7 ,definitions ,in this subsection3 7,a7 ,banking stress event ,the term banking stress event means an exceptional and broad reduction in the stability of deposits at insured depository institutions4 7,b7 ,non-interest-bearing transaction account ,the term non-interest-bearing transaction account means a transaction account that-- 7i7 is non-interest-bearing2 or 7ii7 pays a de minimis amount of interest1 as established by the ,corporation4 7,c7 ,transaction account ,the term transaction account means a deposit or account from which the depositor or account holder is permitted to make transfers or withdrawals by negotiable or transferable instrument1 payment order of withdrawal1 telephone transfer1 or other similar device for the purpose of making payments or transfers to third persons or others or from which the depositor or account holder may make third-party payments at an automated teller machine or a remote service unit1 or other electronic device1 including by debit card1 and includes such other deposits or accounts maintained at an insured depository institution that the ,corporation may determine consistent with this definition4 4 7b7 ,insured credit unions ,section #bjg7k7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghg7k77 is amended by adding at the end the following3 7#g7 ,emergency ,,tag program authority 7,a7 ,in general ,after a determination by the ,secretary of the ,treasury under subparagraph 7,b71 and subject to the limits in subparagraph 7,c71 the ,board may establish an emergency transaction account guarantee program under which the ,administration fully insures the deposits and shares of all insured credit unions that are maintained in non-interest-bearing transaction accounts4 7,b7 ,credit union stress event determination ,the ,board may establish a program under subparagraph 7,a7 only if-- 7i7 the ,secretary of the ,treasury1 in consultation with the ,president1 determines that-- 7,i7 a credit union stress event exists that presents serious adverse effects on economic conditions or the stability of the credit union system2 and 7,,ii7 use of the program authorized under this subsection would avoid or mitigate such adverse effects2 and 7ii7 the ,secretary of the ,treasury gives immediate notice of such determination to the ,board and the ,board of ,governors of the ,federal ,reserve ,system4 7,c7 ,program limitations 7i7 ,limitation on size 7,i7 ,in general ,before the ,board insures any deposits or shares pursuant to a program established under subparagraph 7,a71 the ,secretary of the ,treasury shall1 in consultation with the ,president1 determine the maximum amount of costs that the ,national ,credit ,union ,share ,insurance ,fund may incur under the program4 7,,ii7 ,increase ,notwithstanding subclause 7,i71 the maximum amount of costs for a program established under subparagraph 7,a7 may be increased1 if-- 7aa7 such increase is approved in the same manner as a program established under subparagraph 7,a72 and 7bb7 the ,secretary of the ,treasury issues a report to the ,congress containing data and analysis justifying the increase4 7ii7 ,limitation on duration 7,i7 ,in general ,the ,board shall terminate each program the ,board establishes under subparagraph 7,a7 no later than the date that is #f months after the date of commencement of the program4 7,,ii7 ,extension ,notwithstanding subclause 7,i71 the termination date for a program established under subparagraph 7,a7 may be extended one time for an additional #c-month period1 if-- 7aa7 such extension is approved in the same manner as a program established under subparagraph 7,a72 and 7bb7 the ,secretary of the ,treasury issues a report to the ,congress containing data and analysis justifying the extension4 7,d7 ,testimony to ,congress ,not later than #cj days after a program is established under subparagraph 7,a71 the ,secretary of the ,treasury shall testify before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with respect to the program4 7,e7 ,,gao review ,not later than #ij days after the termination of a program established under subparagraph 7,a71 the ,comptroller ,general of the ,united ,states shall review the program and issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out such review4 7,f7 ,repayment of loss ,the ,board shall recover any loss to the ,national ,credit ,union ,share ,insurance ,fund arising from any program established under subparagraph 7,a7 from #a or more special assessments on insured credit unions4 7,g7 ,rulemaking ,the ,board may issue such rules as the ,board determines to be appropriate to carry out the provisions of this subsection4 7,h7 ,definitions ,in this paragraph3 7i7 ,credit union stress event ,the term credit union stress event means an exceptional and broad reduction in the stability of shares and deposits at insured credit unions4 7ii7 ,non-interest-bearing transaction account ,the term non-interest-bearing transaction account means a transaction account that-- 7,i7 does not pay a dividend2 or 7,,ii7 pays a de minimis dividend1 as established by the ,board4 7iii7 ,transaction account ,the term transaction account means a deposit1 share1 or account from which the depositor or account holder is permitted to make transfers or withdrawals by negotiable or transferable instrument1 payment order of withdrawal1 telephone transfer1 or other similar device for the purpose of making payments or transfers to third persons or others or from which the depositor or account holder may make third-party payments at an automated teller machine or a remote service unit1 or other electronic device1 including by debit card1 and includes such other deposits or accounts maintained at an insured credit union that the ,board may determine consistent with this definition4 4