H.R. 8075 — 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 programs, and for other purposes.

This section establishes emergency transaction account guarantee (TAG) program authority for the FDIC and NCUA. Specifically, it (1) authorizes the FDIC, after a determination by the Secretary of the Treasury (in consultation with the President) of a banking stress event (i.e., exceptional broad reduction in deposit stability) threatening economic conditions or banking system stability, to fully insure non-interest-bearing transaction accounts at all insured depository institutions for up to 6 months (extendable once by 3 months), subject to a maximum cost limit set by the Treasury, with losses recovered via special assessments; and (2) provides parallel authority to the NCUA Board for insured credit unions upon a Treasury determination of a credit union stress event, including required congressional testimony within 30 days of program establishment and a GAO review within 90 days of termination. (Thus, the programs enable 100% insurance of designated accounts during crises to prevent deposit runs, as used by FDIC in 2008.)