I
110th CONGRESS
2d Session
H. R. 7235
IN THE HOUSE OF REPRESENTATIVES
September 29, 2008
Mr. Shays (for himself, Mr. Heller of Nevada, Mr. DeFazio, Mr. Shadegg, Mr. Pitts, Mr. Alexander, Mr. Nunes, Mr. Dent, Mr. Reichert, Mr. Sullivan, and Mr. Wolf) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Deposit Insurance Act the amount of deposits insured under that Act.
Increase in FDIC deposit insurance
Insured amounts payable
Section 11(a) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)) is amended—
in paragraph (1)—
in subparagraph
(E), by striking $100,000
and all that follows through the end
of the subparagraph and inserting $300,000.
; and
in subparagraph (F)(i)(I), by striking
$100,000
and inserting $300,000
; and
in paragraph (3)(A)—
by striking
$250,000
the first place such term appears; and
by striking
, except that
and all that follows through insured
depository institution
.
Premium adjustments
Section 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is amended by adding at the end the following new subparagraph:
Premium adjustments
Notwithstanding any other provision of this section, the Corporation shall adjust premium for insurance based on solvency of the Deposit Insurance Fund to ensure that the Fund is funded by premiums from insured depository institutions, and not by taxpayer revenues.
.