Main Street Depositor Protection Act

This bill would have the FDIC insure up to $10 million per depositor in noninterest-bearing transaction accounts, such as business checking accounts that pay no interest, on top of the standard deposit insurance limit. Accounts at banks owned by global systemically important bank holding companies and at insured branches of foreign banks would not get this extra coverage. Credit unions would get similar coverage through the National Credit Union Administration. Banks with $10 billion or less in assets would not have to pay special or increased assessments tied to this coverage during a transition period. The FDIC and NCUA would each publish a plan within one year to phase these deposits into their insurance fund calculations over 10 years.

Full text and official record on Congress.gov

Sponsors

• Bill Hagerty Republican sponsor
• 1 cosponsors