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Deposit Insurance: Noninterest Checking Accounts Covered Up to $10 Million.

This law significantly increases the security of funds held in noninterest-bearing transaction accounts (checking accounts) at banks and credit unions. Citizens and businesses can now insure up to $10 million in these accounts, providing greater financial stability in case of institutional failure. This change primarily applies to smaller and medium-sized financial institutions, excluding the largest global banks.
Key points
Deposit insurance for noninterest-bearing transaction accounts is raised to $10,000,000.
The standard insurance limit for other deposit types (e.g., savings) remains unchanged.
The expanded protection excludes the largest global systemically important banks and foreign bank branches.
Smaller financial institutions are protected from special assessment fees related to this change during a transition period.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2999
Sponsor: Sen. Hagerty, Bill [R-TN]
Process start date: 2025-10-09
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Main Street Depositor Protection Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2999.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-10-09.

What are the main provisions?

Key points include:

  • Deposit insurance for noninterest-bearing transaction accounts is raised to $10,000,000.
  • The standard insurance limit for other deposit types (e.g., savings) remains unchanged.
  • The expanded protection excludes the largest global systemically important banks and foreign bank branches.
  • Smaller financial institutions are protected from special assessment fees related to this change during a transition 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 Sen. Hagerty, Bill [R-TN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-31.

CATEGORIES

Economy