What is the official ID of this bill?
The official print number for this legislation is S 4198.
Main Street Depositor Protection Act: Insurance for Noninterest-Bearing Transaction Accounts
This bill provides deposit insurance for noninterest-bearing transaction accounts at insured depository institutions and credit unions. The insurance limit is to be established at an amount not more than $5,000,000.
Key points
Introduction of deposit insurance for noninterest-bearing transaction accounts with a maximum limit of up to $5,000,000.
Exclusion from this insurance for subsidiaries of global systemically important bank holding companies and insured branches of foreign banks.
Institutions with total assets of $10 billion or less are exempt from certain special assessments during the transition period.
Gradual phase-in of the changes in determining the value of insured deposits over a 10-year period.
Status:
Introduced
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