To increase the borrowing authority of the Federal Deposit Insurance Corporation, and for other purposes.

SA 688. Mr. CRAPO (for himself, Mr. Corker, Mr. Gregg, and Mr. Bond)
proposed an amendment to amendment SA 687 proposed by Ms. Mikulski (for
herself and Mr. Isakson) to the bill H.R. 1388, to reauthorize and
reform the national service laws; as follows:

At the appropriate place, add the following:

SEC. __. INCREASED BORROWING AUTHORITY OF THE FEDERAL DEPOSIT
INSURANCE CORPORATION.

Section 14(a) of the Federal Deposit Insurance Act (12
U.S.C. 1824(a)) is amended--
(1) by striking ``$30,000,000,000'' and inserting
``$100,000,000,000'';
(2) by striking ``The Corporation is authorized'' and
inserting the following:
``(1) In general.--The Corporation is authorized'';
(3) by striking ``There are hereby'' and inserting the
following:
``(2) Funding.--There are hereby''; and
(4) by adding at the end the following:
``(3) Temporary increases authorized.--
``(A) Recommendations for increase.--During the period
beginning on the date of enactment of this paragraph and
ending on December 31, 2010, if, upon the written
recommendation of the Board of Directors (upon a vote of not
less than two-thirds of the members of the Board of
Directors) and the Board of Governors of the Federal Reserve
System (upon a vote of not less than two-thirds of the
members of such Board), the Secretary of the Treasury (in
consultation with the President) determines that additional
amounts above the $100,000,000,000 amount specified in
paragraph (1) are necessary, such amount shall be increased
to the amount so determined to be necessary, not to exceed
$500,000,000,000.
``(B) Report required.--If the borrowing authority of the
Corporation is increased above $100,000,000,000 pursuant to
subparagraph (A), the Corporation shall promptly submit a
report to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives describing the reasons and
need for the additional borrowing authority and its intended
uses.''.
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