[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3359 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3359

  To amend the Federal Deposit Insurance Act to establish a lifetime 
  limit of $100,000 on the amount of deposit insurance any person may 
                                obtain.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 26, 1993

 Mr. Hoke (for himself and Mr. Derrick) introduced the following bill; 
   which was referred to the Committee on Banking, Finance and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Deposit Insurance Act to establish a lifetime 
  limit of $100,000 on the amount of deposit insurance any person may 
                                obtain.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Deposit Insurance Reform 
Act''.

SEC. 2. LIFETIME LIMIT ON DEPOSIT INSURANCE.

    (a) Banks and Savings Associations.--Effective January 1, 1994, 
section 11(a) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)) 
is amended by adding at the end the following new paragraph:
            ``(9) Lifetime maximum.--
                    ``(A) In general.--Notwithstanding any other 
                provision of this Act, a person may not receive, in the 
                aggregate, an amount greater than $100,000 as payment 
                for insured deposits under this Act, including amounts 
                provided as transferred deposits.
                    ``(B) Determination without regard to capacity of 
                person, type of deposit, or identity of institution.--
                In making any determination relating to the insured 
                deposits of any person for purposes of subparagraph 
                (A), the Corporation shall take into account payments 
                to any person in connection with all insured deposits 
                of such individual without regard to the capacity in 
                which such person held the deposits, the nature of the 
                deposit, or the insured depository institution in which 
                such deposits were made.
                    ``(C) Procedures.--The Corporation shall establish 
                such procedures as the Corporation determines to be 
                necessary to carry out the requirements of this 
                paragraph, including the maintenance of records of 
                social security and tax identification numbers of 
                insured depositors.''.
    (b) Credit Unions.--Section 207(k) of the Federal Credit Union Act 
(12 U.S.C. 1787(k)) is amended by adding at the end the following new 
paragraph:
            ``(4) Lifetime maximum.--
                    ``(A) In general.--Notwithstanding any other 
                provision of this Act, a person may not receive, in the 
                aggregate, an amount greater than $100,000 as payment 
                for insured accounts under this Act, including amounts 
                provided as transferred deposits.
                    ``(B) Determination without regard to capacity of 
                person, type of deposit, or identity of institution.--
                In making any determination relating to the insured 
                deposits of any person for purposes of subparagraph 
                (A), the Board shall take into account payments to any 
                person in connection with all insured accounts of such 
                individual without regard to the capacity in which such 
                person held the account, the nature of the account, or 
                the insured credit union in which such accounts 
                deposits were held.
                    ``(C) Procedures.--The Board shall establish such 
                procedures as the Board determines to be necessary to 
                carry out the requirements of this paragraph, including 
                the maintenance of records of social security and tax 
                identification numbers of insured depositors.''.
    (c) Scope of Application.--In applying the requirements of the 
amendments made by subsections (a) and (b) on and after the date of the 
enactment with respect to any person, the Federal Deposit Insurance 
Corporation and the Federal Credit Union Administration Board shall 
take into account amounts paid before such date to such person.

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