To authorize the Secretary of the Treasury to direct the Federal Deposit Insurance Corporation and the National Credit Union Administration to establish emergency transaction account guarantee programs, and for other purposes.

This bill would let the FDIC and the National Credit Union Administration set up emergency programs that fully insure money held in non-interest-bearing transaction accounts, such as business checking accounts, at all insured banks and credit unions. A program could start only after the Treasury Secretary, consulting with the President, determines that a banking or credit union stress event threatens the economy or the financial system. The Treasury Secretary would set a cap on program costs, and each program would end within 6 months, with one possible 3-month extension. Any losses to the insurance funds would be recovered through special fees charged to banks, bank holding companies, or credit unions, and the Treasury Secretary would testify to Congress and the GAO would review each program.

Full text and official record on Congress.gov

Sponsors

• Andy Barr Republican sponsor
• 0 cosponsors