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Main Street Depositor Protection Act – Higher Insurance for Checking Accounts

This bill increases the insurance limit for non-interest-bearing bank accounts, potentially protecting up to $5 million of your deposits. It aims to strengthen financial stability and protect savings in local banks and credit unions.
Key points
Increases insurance for non-interest-bearing accounts to a maximum of $5 million.
Applies to both traditional banks and credit unions.
Excludes global 'too big to fail' banks and foreign bank branches from this specific extra coverage.
Small banks with assets under $10 billion are exempt from certain fees for this insurance during the transition.
The new system will be phased in gradually over a 10-year period.
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Status:
Introduced
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Additional Information
Main Street Depositor Protection Act
Print number: HR 8087
Sponsor: Rep. Lucas, Frank D. [R-OK-3]
Process start date: 2026-03-25
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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Summary & Status

Key Questions about Main Street Depositor Protection Act – Higher Insurance for Checking Accounts

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 8087.

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 2026-03-25.

What are the main provisions?

Key points include:

  • Increases insurance for non-interest-bearing accounts to a maximum of $5 million.
  • Applies to both traditional banks and credit unions.
  • Excludes global 'too big to fail' banks and foreign bank branches from this specific extra coverage.
  • Small banks with assets under $10 billion are exempt from certain fees for this insurance during the transition.
  • The new system will be phased in gradually over a 10-year period.

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. Lucas, Frank D. [R-OK-3].

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 2026-04-13.

Analysis and Potential Impact of HR 8087

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy