[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6871 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6871

   To amend the Expedited Funds Availability Act to provide a 1-time 
adjustment in certain dollar amounts to account for inflation over the 
    21 years since the enactment of such Act, to provide for future 
adjustments of such amounts on a regular basis, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 11, 2008

 Mrs. Maloney of New York (for herself and Mr. Frank of Massachusetts) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Expedited Funds Availability Act to provide a 1-time 
adjustment in certain dollar amounts to account for inflation over the 
    21 years since the enactment of such Act, to provide for future 
adjustments of such amounts on a regular basis, and for other purposes.

    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 ``Expedited Funds Availability Dollar 
Limits Adjustment Act of 2008''.

SEC. 2. 1-TIME ADJUSTMENT OF DOLLAR AMOUNTS.

    (a) Next Business Day Availability.--Section 603(a)(2)(D) of the 
Expedited Funds Availability Act (12 U.S.C. 4002(a)(2)(D)) is amended 
by striking ``$100'' and inserting ``$175''.
    (b) Cash Withdrawal Dollar Limit.--The first sentence of section 
603(b)(3)(B) of the Expedited Funds Availability Act (12 U.S.C. 
4002(b)(3)(B)) is amended by striking ``$400'' each place such term 
appears and inserting ``$700''.
    (c) Effective Date.--
            (1) In general.--The amendments made by subsections (a) and 
        (b) shall apply after the end of the 1-year period beginning on 
        the date of the enactment of this Act.
            (2) Regulations.--Before the end of the 1-year period 
        described in paragraph (1), the Board of Governors of the 
        Federal Reserve System shall prescribe such regulations as may 
        be necessary to implement the amendments made by this section.

SEC. 3. SUBSEQUENT INDEXATION OF DOLLAR AMOUNTS.

    Section 607 of the Expedited Funds Availability Act (12 U.S.C. 
4006) is amended by adding at the end the following new subsection:
    ``(f) Adjustment for Inflation.--
            ``(1) In general.--Before the end of the 6-year period 
        beginning on the date of the enactment of the Expedited Funds 
        Availability Dollar Limits Adjustment Act of 2008 and at least 
        every 5 years after the expiration of such period, each dollar 
        amount contained in sections 603(a)(2)(D) and 603(b)(3)(B) 
        shall be increased by an amount determined by the Board to be 
        equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment for such 
                period.
            ``(2) Cost of living adjustment.--For purposes of paragraph 
        (1), the cost-of-living adjustment for any period is the 
        percentage (if any) by which--
                    ``(A) the published annual value of the Consumer 
                Price Index for the calendar year preceding the date of 
                the determination by the Board under paragraph (1), 
                exceeds
                    ``(B) the published annual value of the Consumer 
                Price Index for the calendar year 2008.
            ``(3) Consumer price index defined.--For purposes of 
        paragraph (2), the term `Consumer Price Index' means the 
        Consumer Price Index for all-urban consumers published by the 
        Secretary of Labor.
            ``(4) Rounding.--If any increase determined under paragraph 
        (1) is not a multiple of $25, such increase shall be rounded to 
        the nearest multiple of $25.
            ``(5) Publication.--The Board shall publish the adjusted 
        amount for each dollar amount determined under paragraph (1) in 
        the Federal Register promptly upon making such determination.
            ``(6) Effective date.--The adjusted amounts shall take 
        effect at the end of the 120-day period beginning on the date 
        by which a determination is required under paragraph (1).''.
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