H.R.7232 - To reform the Federal Deposit Insurance System, and for other purposes.110th Congress (2007-2008)
|Sponsor:||Rep. Gohmert, Louie [R-TX-1] (Introduced 09/29/2008)|
|Committees:||House - Financial Services|
|Latest Action:||09/29/2008 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.7232 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (09/29/2008)
Amends the Federal Deposit Insurance Act to increase the standard maximum amount of deposit insurance from $100,000 to: (1) $500,000, at the option of the insured depository institution; and (2) $250,000 or $500,000 for eligible retirement accounts, at the institution's option. Requires an annual inflation adjustment.
Directs the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) Board to report to Congress and publish in the Federal Register any such inflation adjustments to the standard maximum deposit insurance amount and to the standard maximum share insurance amount.