[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2548 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2548

  To amend the Federal Deposit Insurance Act to exclude certain bank 
               products from the definition of a deposit.


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                   IN THE SENATE OF THE UNITED STATES

            October 7 (legislative day, September 12), 1994

 Mr. Dodd (for himself and Mr. D'Amato) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Deposit Insurance Act to exclude certain bank 
               products from the definition of a deposit.

    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 ``Bank Insurance Fund and Depositor 
Protection Act of 1994''.

SEC. 2. DEFINITION OF DEPOSIT.

    Section 3(l)(5) of the Federal Deposit Insurance Act (12 U.S.C. 
1813(l)(5)) is amended--
            (1) in subparagraph (A), by striking ``and'' at the end;
            (2) in subparagraph (B), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(C) any liability of an insured depository 
                institution that arises under an annuity contract, the 
                income on which is tax deferred under section 72 of the 
                Internal Revenue Code of 1986.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by section 2 shall apply to any liability of an 
insured depository institution that arises under an annuity contract 
issued on or after October 6, 1994.
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