[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 227 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 227

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 31, 2001

Mr. Torricelli (for himself, Mr. Johnson, and Mr. Feingold) 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 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 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) 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).''.
                                 <all>