“To amend the Federal Deposit Insurance Act to update the inflation adjustment applicable to deposit insurance and share insurance.”
No CRS summary available for this bill.
This section revises the inflation adjustment mechanism in the Federal Deposit Insurance Act for the standard maximum deposit insurance amount (currently $250,000 per depositor, per ownership category, per insured depository institution). (As background, the Federal Deposit Insurance Corporation provides pass-through insurance for deposits above aggregation limits, including for employee benefit plans.) Specifically, the section (1) changes the date from 2010 to 2030, (2) in subclause (I), replaces the "$100,000" base reference with the standard maximum deposit insurance amount described in subparagraph (E) before any adjustment under subparagraph (F), and (3) in subclause (II), replaces the effective date under the Federal Deposit Insurance Reform Act of 2005 with the date of enactment of the Growing Deposit Insurance for the Future Act.