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Enhanced Protection for Business Accounts and Paychecks

This act aims to increase the security of funds held by businesses, non-profits, and municipalities in banks and credit unions. It introduces expanded insurance coverage for transaction accounts used for payments like payroll and vendor bills, up to $100 million. Additionally, in crisis situations, a temporary program for full insurance of certain accounts can be activated to protect financial stability.
Key points
Expanded deposit insurance up to $100 million for business, non-profit, and municipal transaction accounts used for regular payments (e.g., payroll, vendor bills).
Possibility of activating a temporary, full insurance program for certain transaction accounts during financial stability threats, for up to 180 days with potential extensions.
Requires federal agencies (FDIC, NCUA) to collect data and analyze information to establish program requirements, considering financial safety and competition.
Extends the restoration plans for the Deposit Insurance Fund and National Credit Union Share Insurance Fund by 8 years after the new rules take effect.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4551
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2025-07-21
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
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 119_HR_4551.

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 2025-07-21.

What are the main provisions?

Key points include:

  • Expanded deposit insurance up to $100 million for business, non-profit, and municipal transaction accounts used for regular payments (e.g., payroll, vendor bills).
  • Possibility of activating a temporary, full insurance program for certain transaction accounts during financial stability threats, for up to 180 days with potential extensions.
  • Requires federal agencies (FDIC, NCUA) to collect data and analyze information to establish program requirements, considering financial safety and competition.
  • Extends the restoration plans for the Deposit Insurance Fund and National Credit Union Share Insurance Fund by 8 years after the new rules take effect.
What is the specific legal status?

The current status is Introduced.

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: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy