S. 3637Senate112th Congress (2011-2013)Introduced

A bill to temporarily extend the transaction account guarantee program, and for other purposes.

Sponsored by Harry ReidSen. Harry Reid (D-NV)
Introduced November 26, 2012

Legislative Activity

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18 earlier actions
SenateFloor Latest Action

Motion by Senator Reid to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with amendment SA 3316 fell when the bill was committed in Senate. (consideration: CR S8001)

December 13, 2012

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SenateIntro Referral

Introduced in Senate

November 26, 2012

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S6896)

November 26, 2012

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 554.

November 27, 2012

SenateFloor

Motion to proceed to consideration of measure made in Senate. (consideration: CR S7664)

December 6, 2012

SenateFloor

Cloture motion to the motion to proceed to the bill presented in Senate. (consideration: CR S7664; text: CR S7664)

December 6, 2012

SenateFloor

Motion to proceed to measure considered in Senate. (consideration: CR S7721-7723, S7723-7732, S7737-7742)

December 11, 2012

SenateFloor

Cloture on the motion to proceed to the bill invoked in Senate by Yea-Nay Vote. 76 - 20. Record Vote Number: 225. (consideration: CR S7723-7724; text: CR S7723)

December 11, 2012

SenateFloor

Motion to proceed to consideration of measure agreed to in Senate by Unanimous Consent. (consideration: CR S7724)

December 11, 2012

SenateFloor

Measure laid before Senate by motion. (consideration: CR S7724-7732)

December 11, 2012

SenateFloor

Motion by Senator Reid to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with amendment SA 3316 made in Senate. (consideration: CR S7724; text: CR S7724)

December 11, 2012

SenateFloor

Cloture motion on the bill presented in Senate. (consideration: CR S7724; text: CR S7724)

December 11, 2012

SenateFloor

Considered by Senate. (consideration: CR S8001-8004)

December 13, 2012

SenateFloor

Point of order that the measure violates section 302(f) of the CBA raised in Senate.

December 13, 2012

SenateFloor

Motion to waive all applicable budgetary discipline with respect to the measure made in Senate. (consideration: CR S8003)

December 13, 2012

SenateFloor

Motion to waive all applicable budgetary discipline with respect to the measure rejected in Senate by Yea-Nay Vote. 50 - 42. Record Vote Number: 227. (consideration: CR S8004)

December 13, 2012

SenateFloor

The point of order was sustained.

December 13, 2012

SenateFloor

Cloture motion on the bill withdrawn by unanimous consent in Senate. (consideration: CR S8004)

December 13, 2012

SenateFloor

Committed to Senate Committee on Banking, Housing, and Urban Affairs pursuant to Sec. 312(f) of the Congressional Budget Act.

December 13, 2012

SenateFloor

Motion by Senator Reid to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with amendment SA 3316 fell when the bill was committed in Senate. (consideration: CR S8001)

December 13, 2012

Floor Debate

20 members

What members said about S. 3637 on the floor

9 Republicans10 Democrats1 Independent
Jeff Merkley
Sen. Jeff MerkleyD-OR · Dec 6, 2012

Mr. President, just following up on the comments of my colleague from Alaska, he has laid out some very important thoughts regarding the farm bill, regarding the debt ceiling, and regarding Social…

Mitch McConnell
Sen. Mitch McConnellR-KY · Nov 27, 2012

Mr. President, yesterday I came to the floor to discuss what is known as the fiscal cliff, a mix of automatic tax hikes and defense cuts that are set to hit at the end of the year, jeopardizing our…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Dec 11, 2012

Mr. President, some things never change in the Senate. For more than 200 years, our practice of extended debate has been the single most defining characteristic of the Senate. For more than 200…

Harry Reid
Sen. Harry ReidD-NV · Nov 27, 2012

Mr. President, I now move to proceed to Calendar No. 419, S. 3254, the Defense authorization bill. Mr. President, we are going to recess, as we normally do on Tuesdays, from 12:30 to 2:15 to allow…

Bernard Sanders
Sen. Bernard SandersI-VT · Dec 11, 2012

Mr. President, it is no great secret that the Congress has a very low favorable rating. Many people shake their heads and they wonder why this institution is so dysfunctional. There are a lot of…

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Lamar Alexander
Sen. Lamar AlexanderR-TN · Dec 11, 2012

Mr. President, I ask unanimous consent to speak as if in morning business. Mr. President, while the Senator from California is still on the Senate floor, I want to thank her for her comments on the…

Jeff Sessions
Sen. Jeff SessionsR-AL · Dec 6, 2012

I will associate my remarks with Senator Graham and say how much I have appreciated working with Jim DeMint. He is courageous, determined, and principled. He has a vision for America, and he has…

Mark  Begich
Sen. Mark Begich D-AK · Dec 6, 2012

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, before I speak on the subject matter of a bill I have submitted for introduction, Protecting and…

Barbara Boxer
Sen. Barbara BoxerD-CA · Dec 11, 2012

I ask unanimous consent to speak as if in morning business. Mr. President, I rise to speak on a number of matters. Before Senator Hatch leaves the floor, I really do think it is important that we…

John Hoeven
Sen. John HoevenR-ND · Dec 6, 2012

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, today I would like to speak on several important issues pending before the Senate--issues…

Tom Udall
Sen. Tom UdallD-NM · Dec 11, 2012

Mr. President, I would ask to speak as if in morning business. Mr. President, there has been much discussion about the need to reform the Senate rules, and I have listened closely to the arguments…

Bob Corker
Sen. Bob CorkerR-TN · Dec 13, 2012

Mr. President, I support the budget point of order that has been raised, but let me just make a point. I had an amendment that would have kept this budget point of order from being a problem. The…

Lindsey Graham
Sen. Lindsey GrahamR-SC · Dec 6, 2012

Madam President, I wanted to be recognized for 10 minutes to talk about the decision by Senator DeMint to leave the Senate next year. But I wish to say to my friend from North Dakota, all of us have…

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Richard Blumenthal
Sen. Richard BlumenthalD-CT · Nov 26, 2012

Mr. President, as consumers shop for the holidays, more and more consumers are buying, giving, and receiving gift cards. By one estimate, Americans spent over $100 billion on gift cards in the 2011…

Bill Nelson
Sen. Bill NelsonD-FL · Dec 11, 2012

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, a very disturbing thing has happened in Mexico with one of my constituents--a U.S. marine who…

Roger F. Wicker
Sen. Roger F. WickerR-MS · Dec 13, 2012

Mr. President, I wonder if the Senator from Tennessee would yield to me on this very point. Mr. President, I thank the Senator from Tennessee for making this point. I have an amendment to this bill…

Patrick J. Toomey
Sen. Patrick J. ToomeyR-PA · Dec 13, 2012

Mr. President, the pending measure, S. 3637, the Transaction Account Guarantee Act, exceeds the Banking Committee's section 302(a) allocation of new budget authority and outlays deemed by the Budget…

Tim Johnson
Sen. Tim JohnsonD-SD · Dec 11, 2012

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I want to express my support for S. 3637, a temporary extension of the Transaction Account…

Jeff Sessions
Sen. Jeff SessionsR-AL · Dec 13, 2012

Mr. President, the way we arrived at this point is the Congressional Budget Office, our chosen authority on budget matters, has concluded that the legislation violates the budget, and they submitted…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Dec 6, 2012

Madam President, we saw what happened here--the minority leader filibustering his own bill. He should have trusted his first instincts. Imagine if we would have passed the minority leader's…

Christopher A. Coons
Sen. Christopher A. CoonsD-DE · Dec 12, 2012

Mr. President, I ask unanimous consent that at 11:30 a.m., Thursday, December 13, the Senate resume consideration of S. 3637, the FDIC TAG Program extension bill; that it be in order for the…

Richard Blumenthal
Sen. Richard BlumenthalD-CT · Dec 10, 2012

Mr. President, I ask unanimous consent that when the Senate completes its business today, it adjourn until 10 a.m. on Tuesday, December 11, 2012; that following the prayer and pledge, the Journal of…

Harry Reid
Sen. Harry ReidD-NV · Dec 11, 2012

Mr. President, I have an amendment at the desk. Mr. President, I ask for the yeas and nays on the amendment. Mr. President, I have a second-degree amendment at the desk. Mr. President, I have a…

Harry Reid
Sen. Harry ReidD-NV · Dec 10, 2012

Mr. President, there will be a period of morning business until 5 p.m. today. At 5 p.m., the Senate will resume consideration of the motion to proceed to S. 3637. What has happened--and the reason…

Bill Text

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Referred to Committee SenateIssued December 13, 2012

II

112th CONGRESS

2d Session

S. 3637

IN THE SENATE OF THE UNITED STATES

November 26, 2012

Mr. Reid introduced the following bill; which was read the first time

November 27, 2012

Read the second time and placed on the calendar

December 13, 2012

Committed to the Committee on Banking, Housing, and Urban Affairs pursuant to section 312(f) of the Congressional Budget Act

A BILL

To temporarily extend the transaction account guarantee program, and for other purposes.

1.

Insured depository institution Transaction Account Guarantee program

(a)

Extension

Notwithstanding any other provision of law that would repeal subparagraphs (B) and (C) of section (11)(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) on January 1, 2013, such subparagraphs shall remain in effect until December 31, 2014.

(b)

Prospective repeal

Effective on January 1, 2015, 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 deposit.— and all that follows through clause (ii), the net amount in clause (i), 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).

(c)

Cost recovery

The Federal Deposit Insurance Corporation (in this section referred to as the Corporation) shall fully offset, in each calendar year, any estimated losses to the Deposit Insurance Fund established under section 11(a)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(4)) that may occur as a result of the amendments made under subsections (a) and (b) of this section, by—

(1)

estimating the losses, if any, that are expected to occur for each calendar year; and

(2)

collecting an amount equal to such estimated losses by September 30 of such calendar year, which shall be in addition to the assessments that would otherwise be collected by the Corporation with respect to such year for insured depository institutions (as defined in section 3(c)(2) of that Act (12 U.S.C. 1813(c)(2))) pursuant to section 7(b) of that Act (12 U.S.C. 1817(b)).

2.

Insured credit union Transaction Account Guarantee program

(a)

Extension

Notwithstanding any other provision of law that would repeal subparagraphs (A) and (B) of section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) on January 1, 2013, such subparagraphs shall remain in effect until December 31, 2014.

(b)

Prospective repeal

Effective on January 1, 2015, section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is amended—

(1)

in subparagraph (A)—

(A)

by striking (A) In general .— and all that follows through paragraph (2), the net amount in clause (i), and inserting the following:

(1)

In general

Subject to the provisions of paragraph (2), the net amount

; and

(B)

by striking clauses (ii) and (iii); and

(2)

in subparagraph (B), by striking subparagraph (A)(i) and inserting subparagraph (A).

(c)

Cost recovery

The National Credit Union Administration (in this section referred to as the Administration) shall fully offset, in each calendar year, any estimated losses to the National Credit Union Share Insurance Fund established under section 203(a) of the Federal Credit Union Act (12 U.S.C. 1783(a)) that may occur as a result of the amendments made under subsections (a) and (b) of this section, by—

(1)

estimating the losses, if any, that are expected to occur for each calendar year; and

(2)

collecting an amount equal to such estimated losses by September 30 of such calendar year, which shall be in addition to the assessments that would otherwise be collected by the Administration with respect to such year for insured credit unions (as defined in section 101 of that Act (12 U.S.C. 1752)) pursuant to section 202 of that Act (12 U.S.C. 1782).