[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6380 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 6380
To temporarily provide for Federal insurance of transaction accounts
during the COVID-19 emergency.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 24, 2020
Mr. Green of Texas (for himself, Ms. Garcia of Texas, Mr. Meeks, Mr.
Cleaver, and Mrs. Beatty) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To temporarily provide for Federal insurance of transaction accounts
during the COVID-19 emergency.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. INSURANCE OF TRANSACTION ACCOUNTS.
(a) Banks and Savings Associations.--
(1) Amendments.--Section 11(a)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1821(a)(1)) is amended--
(A) in subparagraph (B)--
(i) by striking ``The net amount'' and
inserting the following:
``(i) In general.--Subject to clause (ii),
the net amount''; and
(ii) by adding at the end the following new
clauses:
``(ii) Authorization for insurance for
transaction accounts.--Notwithstanding clause
(i), the Corporation may fully insure the net
amount that any depositor at an insured
depository institution maintains in a
transaction account. Such amount shall not be
taken into account when computing the net
amount due to such depositor under clause (i).
``(iii) Transaction account defined.--For
purposes of this subparagraph, the term
`transaction account' has the meaning given
that term under section 19 of the Federal
Reserve Act (12 U.S.C. 461).''; and
(B) in subparagraph (C), by striking ``subparagraph
(B)'' and inserting ``subparagraph (B)(i)''.
(2) Prospective repeal.--Effective January 1, 2022, section
11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C.
1821(a)(1)), as amended by paragraph (1), is amended--
(A) in subparagraph (B)--
(i) by striking ``deposit.--'' and all that
follows through ``clause (ii), the net amount''
and insert ``deposit.--The net amount''; and
(ii) by striking clauses (ii) and (iii);
and
(B) in subparagraph (C), by striking ``subparagraph
(B)(i)'' and inserting ``subparagraph (B)''.
(b) Credit Unions.--
(1) Amendments.--Section 207(k)(1) of the Federal Credit
Union Act (12 U.S.C. 1787(k)(1)) is amended--
(A) in subparagraph (A)--
(i) by striking ``Subject to the provisions
of paragraph (2), the net amount'' and
inserting the following:
``(i) Net amount of insurance payable.--
Subject to clause (ii) and the provisions of
paragraph (2), the net amount''; and
(ii) by adding at the end the following new
clauses:
``(ii) Authorization for insurance for
transaction accounts.--Notwithstanding clause
(i), the Board may fully insure the net amount
that any member or depositor at an insured
credit union maintains in a transaction
account. Such amount shall not be taken into
account when computing the net amount due to
such member or depositor under clause (i).
``(iii) Transaction account defined.--For
purposes of this subparagraph, the term
`transaction account' has the meaning given
that term under section 19 of the Federal
Reserve Act (12 U.S.C. 461).''; and
(B) in subparagraph (B), by striking ``subparagraph
(A)'' and inserting ``subparagraph (A)(i)''.
(2) Prospective repeal.--Effective January 1, 2022, section
207(k)(1) of the Federal Credit Union Act (12 U.S.C.
1787(k)(1)), as amended by paragraph (1), is amended--
(A) in subparagraph (A)--
(i) by striking ``(i) net amount of
insurance payable.--'' and all that follows
through ``paragraph (2), the net amount'' and
inserting ``Subject to the provisions of
paragraph (2), the net amount''; and
(ii) by striking clauses (ii) and (iii);
and
(B) in subparagraph (B), by striking ``subparagraph
(A)(i)'' and inserting ``subparagraph (A)''.
(c) COVID-19 Emergency Defined.--In this section, the term ``COVID-
19 emergency'' means the period that begins upon the date of the
enactment of this Act and ends upon the date of the termination by the
Federal Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
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