H.R.7235 - To amend the Federal Deposit Insurance Act the amount of deposits insured under that Act.110th Congress (2007-2008)
|Sponsor:||Rep. Shays, Christopher [R-CT-4] (Introduced 09/29/2008)|
|Committees:||House - Financial Services|
|Latest Action:||09/29/2008 Referred to the House Committee on Financial Services.|
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- Finance and Financial Sector
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Summary: H.R.7235 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (09/29/2008)
Amends the Federal Deposit Insurance Act to: (1) increase from $100,000 to $300,000 the maximum amount of deposit insurance for accounts insured by the Federal Deposit Insurance Corporation (FDIC); and (2) require the FDIC to adjust premiums for deposit insurance based on solvency of the Deposit Insurance Fund (DIF) to ensure that the Fund is funded by premiums from insured depository institutions, and not by taxpayer revenues.
Repeals the cap on the maximum amount of deposit insurance for deposits in an insured depository institution made in connection with specified kinds of retirement accounts, including individual retirement accounts (IRAs).