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 insured amount. The FDIC would set the extra coverage limit by rule, at no less than the standard maximum and no more than $5,000,000, and only Congress could change it afterward. The added coverage would not apply at banks owned by the largest global systemically important bank holding companies or at insured branches of foreign banks. Credit unions would get the same extra coverage through their federal insurance fund. Banks with $10 billion or less in assets would not have to pay special or increased fees tied to this coverage during a 10-year transition period.

Full text and official record on Congress.gov

Sponsors

• Bill Hagerty Republican sponsor
• 6 cosponsors