[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1899 Introduced in House (IH)]






107th CONGRESS
  1st Session
                                H. R. 1899

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2001

  Mr. Gillmor (for himself, Mr. Bereuter, Mrs. Jones of Ohio, and Mr. 
Ney) introduced the following bill; which was referred to the Committee 
                         on Financial Services

_______________________________________________________________________

                                 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 2001''.

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) Municipal depositors.--
            ``(i) In general.--Notwithstanding subparagraph (A), the 
        deposits of in-State municipal depositors at an insured 
        depository institution shall be insured in an aggregate amount 
        not to exceed the total equity capital of the institution.
            ``(ii) Definitions.--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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