S.Amdt. 3954

SA 3954. Mr. JOHNSON (for himself and Mr. Enzi) submitted an
amendment intended to be proposed to amendment SA 3739 proposed by Mr.
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217,
to promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ``too
big to fail'', to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes; which was ordered to lie on the table; as follows:

On page 370, between lines 13 and 14, insert the following:

SEC. 333. TEMPORARY EXTENSION OF THE TRANSACTION ACCOUNT
GUARANTEE PROGRAM.

(a) Transaction Account Guarantee Program Extension.--
Section 11(a)(1) of the Federal Deposit Insurance Act (12
U.S.C. 1821(a)(1)) is amended--
(1) in subparagraph (B)--
(A) by striking ``The net amount'' and inserting the
following:
``(i) In general.--Except as provided in clause (ii), the
net amount''; and
(B) by adding at the end the following:
``(ii) Insurance for noninterest-bearing transaction
accounts.--The Corporation shall fully insure the net amount
that a depositor at an insured depository institution

[[Page S3551]]

maintains in a noninterest-bearing transaction account. Such
amount shall not be taken into account when determining the
net amount due to such a depositor under clause (i).
``(iii) `Noninterest-bearing transaction account'
defined.--For purposes of this subparagraph, the term
`noninterest-bearing transaction account' means--

``(I) a deposit or account maintained at an insured
depository institution--

``(aa) with respect to which interest is neither accrued
nor paid;
``(bb) on which the depositor or account holder is
permitted to make withdrawals by negotiable or transferable
instrument, payment orders of withdrawal, telephone or other
electronic media transfers, or other similar means for the
purpose of making payments or transfers to third parties; and
``(cc) on which the insured depository institution does not
reserve the right to require advance notice of an intended
withdrawal; and

``(II) a trust account established by an attorney on behalf
of a client, commonly referred to as an `Interest on Lawyers
Trust Account' or `IOLTA'.''; and

(2) in subparagraph (C), by striking ``subparagraph (B)''
and inserting ``subparagraph (B)(i)''.
(b) Effective Date.--The amendments made by subsection (a)
shall take effect on January 1, 2011.
(c) Prospective Repeal.--Effective January 1, 2013, section
11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C.
1821(a)(1)), as amended by subsection (a), is amended--
(1) in subparagraph (B)--
(A) by striking ``deposit.--'' and all that follows through
``clause (ii), the net amount'' and inserting ``deposit.--The
net amount''; and
(B) by striking clauses (ii) and (iii); and
(2) in subparagraph (C), by striking ``subparagraph
(B)(i)'' and inserting ``subparagraph (B)''.

SEC. 334. IMPROVEMENTS TO THE DEPOSIT INSURANCE FUND.

Section 7 of the Federal Deposit Insurance Act (12 U.S.C.
1817) is amended--
(1) in subsection (b)(3)(B)(i), by striking ``1.5 percent''
and inserting ``1.75 percent''; and
(2) in subsection (e)--
(A) in paragraph (2)--
(i) in subparagraph (A), by striking ``1.5'' each place
that term appears and inserting ``1.75'';
(ii) by striking subparagraphs (B), (C), (E), (F), and (G);
(iii) by redesignating subparagraph (D) as subparagraph
(C); and
(iv) by inserting after subparagraph (A) the following:
``(B) Limitation.--The Board of Directors may, in the sole
discretion of the Board of Directors, suspend or limit the
declaration or payment of dividends under subparagraph
(A).''; and
(B) in paragraph (4), by striking ``paragraphs (2)(D)'' and
inserting ``paragraphs (2)(C)''.

SEC. 335. ENHANCED ACCESS TO INFORMATION FOR DEPOSIT
INSURANCE PURPOSES.

Section 7 of the Federal Deposit Insurance Act (12 U.S.C.
1817) is amended--
(1) in subsection (a)(2)(B), by striking ``agreement'' and
inserting ``consultation''; and
(2) in subsection (b)(1)(E)--
(A) in clause (i), by striking ``such as'' and inserting
``including''; and
(B) by striking clause (iii).
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