Main Street Depositor Protection Act

This bill would add federal deposit insurance for noninterest-bearing transaction accounts, such as business checking accounts that pay no interest, on top of the standard insurance limit. The FDIC would set the extra coverage amount by rule, at no less than the standard limit and no more than $5,000,000, and after that only Congress could change it. Accounts at the largest global banks and at insured branches of foreign banks would not get the extra coverage, though they would keep standard coverage. Credit unions would get the same extra coverage amount, and the costs would be phased into insurance fund calculations over 10 years, with banks of $10 billion or less in assets exempt from certain extra fees during that time.

Full text and official record on Congress.gov

Sponsors

• Frank D. Lucas Republican sponsor
• 0 cosponsors