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Employee Paycheck and Small Business Protection: Expanded Transaction Account Insurance.

This act aims to enhance the financial security of businesses and organizations, including small businesses, by expanding deposit insurance for their transaction accounts. This means that in case of bank issues, funds designated for payroll or vendor payments will be protected up to $100 million, minimizing the risk of liquidity loss and ensuring operational continuity.
Key points
Extends deposit insurance up to $100 million for transaction accounts held by businesses, non-profits, and municipalities.
Coverage applies to accounts primarily used for transactions like payroll and vendor payments.
Establishes a temporary transaction account guarantee program for financial stability in crisis situations.
Requires federal agencies to collect data and analyze the program's details and market impact.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_10542
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2024-12-19
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Employee Paycheck and Small Business Protection Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10542.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-12-19.

What are the main provisions?

Key points include:

  • Extends deposit insurance up to $100 million for transaction accounts held by businesses, non-profits, and municipalities.
  • Coverage applies to accounts primarily used for transactions like payroll and vendor payments.
  • Establishes a temporary transaction account guarantee program for financial stability in crisis situations.
  • Requires federal agencies to collect data and analyze the program's details and market impact.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy Labor