[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 3018 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 3018

 To amend the Federal Deposit Insurance Act with respect to municipal 
                               deposits.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 7, 2000

 Mr. Torricelli (for himself and Mr. Johnson) 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 with respect to municipal 
                               deposits.

    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 ``Municipal Deposit Insurance 
Protection Act of 2000''.

SEC. 2. FDIC INSURANCE OF MUNICIPAL DEPOSITS.

    Section 11(a)(2) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(2)) is amended by adding at the end the following:
    ``(C)(i) Notwithstanding subparagraph (A), the deposits of an in-
State municipal depositor at an insured depository institution shall be 
insured in an amount equal to the total amount of those deposits.
    ``(ii) In this subparagraph--
            ``(I) the term `in-State municipal depositor' means a 
        municipal depositor that is located in the same State as the 
        office or branch of the insured depository institution at which 
        the deposits of that depositor are held; and
            ``(II) the term `municipal depositor' means a depositor 
        described in any of clauses (i) through (v) of subparagraph 
        (A).''.
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