,,ii #aaith ,,congress #b;d ,session ,s4 #daih ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #be1 #bjbf,mr4 ,hagerty 7for himself1 ,ms4 ,alsobrooks1 ,mr4 ,banks1 ,ms4 ,cortez ,masto1 ,mrs4 ,hyde-,smith1 ,mr4 ,gallego1 and ,mr4 ,wicker7 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 deposit insurance for noninterest-bearing transaction accounts1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,main ,street ,depositor ,protection ,act4 #b4 ,transaction account insurance 7a7 ,depository institutions 7#a7 ,in general ,section #aa7;a77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77 is amended by striking subparagraph 7,b7 and inserting the following3 7,b7 ,net amount of insured deposit 7i7 ,in general ,the net amount due to any depositor at an insured depository institution shall not exceed the sum of-- 7,i7 the standard maximum deposit insurance amount as determined in accordance with subparagraphs 7,c71 7,d71 7,e71 and 7,f7 and paragraph 7#c72 and 7,,ii7 the net amount under clause 7ii74 7ii7 ,insurance for noninterest-bearing transaction accounts 7,i7 ,in general ,except as provided in subclause 7,,iv71 not later than the end of the #f-month period beginning on the date of enactment of this clause1 the ,corporation shall insure the net amount that any depositor maintains1 in the aggregate1 in #a or more noninterest-bearing transaction accounts at an insured depository institution1 in the amount determined under subclause 7,,ii74 7,,ii7 ,insured amount ,the ,corporation shall issue a rule to establish the maximum amount for insurance described in subclause 7,i71 which shall be in an amount that is-- 7aa7 not less than the standard maximum deposit insurance amount on the date such rule is issued2 7bb7 not more than #e1jjj1jjj2 and 7cc7 based on considerations of enhancing the financial stability of the banking system1 promoting economic growth1 and providing for the safety of the ,deposit ,insurance ,fund4 7,,iii7 ,aggregation ,for the purpose of determining the net amount due to any depositor under subclause 7,i71 the ,corporation shall aggregate the amounts of all deposits in noninterest-bearing transaction accounts at insured depository institutions that are subsidiaries of a single depository institution holding company4 7,,iv7 ,exclusion 7aa7 ,definition ,in this subclause1 the term foreign bank does not include any bank organized under the laws of any territory of the ,united ,states1 ,puerto ,rico1 ,guam1 ,american ,samoa1 or the ,virgin ,islands1 the deposits of which are insured by the ,corporation pursuant to this ,act4 7bb7 ,exclusion ,the ,corporation may not insure under subclause 7,i7 amounts maintained at-- 7,,aa7 any insured depository institution that is a subsidiary of a bank holding company that is identified as a global systemically important ,,bhc under section #bag4djb of title #ab1 ,code of ,federal ,regulations 7or any successor regulation72 or 7,,bb7 any insured branch of a foreign bank4 7cc7 ,rule of construction ,nothing in this subclause may be construed to exclude any insured depository institution described in subitem 7,,aa7 from the standard maximum deposit insurance amount described in clause 7i77,i74 7,v7 ,no subsequent adjustments ,after the ,corporation issues a rule pursuant to subclause 7,,ii71 the amount of insurance provided under subclause 7,i7 may not subsequently be modified or repealed except by an ,act of ,congress4 4 7#b7 ,technical and conforming amendment ,section #c7m7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7m77 is amended-- 7,a7 in paragraph 7#a71 by inserting 1 including deposits in a noninterest-bearing transaction account1 after deposits2 and 7,b7 by adding at the end the following3 7#e7 ,noninterest-bearing transaction account ,the term noninterest-bearing transaction account means a deposit or account maintained at an insured depository institution-- 7,a7 with respect to which interest is neither accrued nor paid2 7,b7 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 7,c7 on which the insured depository institution does not reserve the right to require advance notice of an intended withdrawal4 4 7#c7 ,assessments ,during the transition period under subsection 7c71 no insured depository institution with total assets of #aj1jjj1jjj1jjj or less shall be required to pay-- 7,a7 any special assessment under section #g7;b77#e7 or #ac7;c77#d77;,g7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;b77#e71 #ahbc7;c77#d77;,g77 as a condition to insurance on a noninterest-bearing transaction account1 as defined in paragraph 7#e7 of section #c7m7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7m771 as added by paragraph 7#b7 of this subsection2 or 7,b7 any increase in assessments under section #g7;b77#b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;b77#b77 solely to offset any impact on the reserve ratio arising out of the extension of insurance to noninterest-bearing transaction accounts in excess of the standard maximum deposit insurance amount as determined in accordance with subparagraphs 7,c71 7,d71 7,e71 and 7,f7 of paragraph 7#a7 and paragraph 7#c7 of section #aa7;a7 of that ,act 7#ab ,u4,s4,c4 #ahba7;a774 7b7 ,credit unions 7#a7 ,in general ,section #bjg7k77#a77;,a7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghg7k77#a77;,a77 is amended-- 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 following3 7ii7 ,insurance for noninterest-bearing transaction accounts 7,i7 ,in general ,notwithstanding clause 7i71 the ,board shall insure the net amount that any member1 or any person with funds lawfully held in a member account1 maintains1 in the aggregate1 in #a or more noninterest-bearing transaction accounts at an insured credit union4 7,,ii7 ,insured amount ,the maximum amount for insurance described in subclause 7,i7 shall be the maximum amount determined in the rule issued by the ,federal ,deposit ,insurance ,corporation pursuant to section #aa7;a77#a77;,b77ii77,,ii7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,b77ii77,,ii774 7,,iii7 ,exclusion ,the amount described in subclause 7,i7 shall not be taken into account when computing the net amount due to a member1 or to any person with funds lawfully held in a member account1 described in that subclause under clause 7i74 4 7#b7 ,technical and conforming amendments ,section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb7 is amended-- 7,a7 in paragraph 7#e71 by inserting such terms mean a noninterest-bearing transaction account1 after ,act12 7,b7 in paragraph 7#h71 by striking and at the end2 7,c7 in paragraph 7#i71 by striking the period at the end and inserting 2 and2 and 7,d7 by adding at the end the following3 7#aj7 ,the term noninterest-bearing transaction account means an account of a member1 or nonmember that is eligible to maintain an insured account1 maintained at an insured credit union-- 7,a7 with respect to which interest is neither accrued nor paid2 7,b7 on which the member 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 7,c7 on which the insured credit union does not reserve the right to require advance notice of an intended withdrawal4 4 7c7 ,transition period 7#a7 ,depository institutions 7,a7 ,in general ,notwithstanding any other provision of law1 insured deposits in noninterest-bearing transaction accounts1 as described in clause 7ii7 of section #aa7;a77#a77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,b771 as added by subsection 7a77#a7 of this section1 shall be included in the determination of the value of the estimated insured deposits described in sections #c7y77#c7 and #g7;b77#c77;,b7 of that ,act 7#ab ,u4,s4,c4 #ahac7y77#c71 #ahag7;b77#c77;,b77 in accordance with the plan required under subparagraph 7,b74 7,b7 ,plan ,not later than #a year after the date of enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation shall publish in the ,federal ,register a plan for gradually increasing1 during the period ending on the date that is #aj years after the date of enactment of this ,act1 the portion of insured deposits described in subparagraph 7,a7 in the determination described in that subparagraph1 reaching #ajj percent at the end of the period4 7#b7 ,credit unions 7,a7 ,in general ,notwithstanding any other provision of law1 insured shares in noninterest-bearing transaction accounts1 as described in clause 7ii7 of section #bjg7k77#a77;,a7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghg7k77#a77;,a771 as added by subsection 7b77#a7 of this section1 shall be included in the determination of the value of the aggregate amount of the insured shares1 as defined in section #bjb7;h7 of that ,act 7#ab ,u4,s4,c4 #aghb7;h771 in accordance with the plan required under subparagraph 7,b74 7,b7 ,plan ,not later than #a year after the date of enactment of this ,act1 the ,national ,credit ,union ,administration ,board shall publish in the ,federal ,register a plan for gradually increasing1 during the period ending on the date that is #aj years after the date of enactment of this ,act1 the portion of insured shares described in subparagraph 7,a7 in the determination described in that subparagraph1 reaching #ajj percent at the end of the period4 7,c7 ,regulations ,the ,national ,credit ,union ,administration ,board may promulgate regulations to ensure that the ,national ,credit ,union ,share ,insurance ,fund remains well-capitalized4 7d7 ,regulations ,the ,federal ,deposit ,insurance ,corporation and the ,national ,credit ,union ,administration ,board may promulgate regulations carrying out the amendments made by this section1 including prohibiting insured depository institutions1 as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac71 insured credit unions1 as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb71 and third parties1 as applicable1 from evading the limitation of insurance established under those amendments to only-- 7#a7 noninterest-bearing transaction accounts2 7#b7 deposits or accounts at insured depository institutions not excluded under clause 7ii77,,iv7 of section #aa7;a77#a77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,b771 as added by subsection 7a7 of this section2 and 7#c7 shares1 deposits1 or accounts at insured credit unions4