110 HR 6871 RH: Expedited Funds Availability Dollar U.S. House of Representatives 2008-12-09 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IB Union Calendar No. 592 110th CONGRESS 2d Session H. R. 6871 [Report No. 110–917] 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 December 9, 2008 Additional sponsor: Mr. Sherman December 9, 2008 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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.

1.

Short title

This Act may be cited as the Expedited Funds Availability Dollar Limits Adjustment Act of 2008.

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.

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). .

December 9, 2008 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed