[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7228 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7228

To provide an unlimited amount of insurance on accounts insured by the 
  Federal Deposit Insurance Act and to authorize the Secretary of the 
 Treasury to provide unlimited protection of principal in money market 
       funds through the Treasury's exchange stabilization fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2008

   Mr. Bartlett of Maryland introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To provide an unlimited amount of insurance on accounts insured by the 
  Federal Deposit Insurance Act and to authorize the Secretary of the 
 Treasury to provide unlimited protection of principal in money market 
       funds through the Treasury's exchange stabilization fund.

    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 ``Main Street Protection Act of 
2008''.

SEC. 2. UNLIMITED BACKING FOR DEPOSITS INSURED BY FDIC AND MONEY MARKET 
              ACCOUNTS.

    (a) Insured Deposits.--Notwithstanding the maximum amount 
limitations contained in paragraphs (1)(E) and (3)(A) of section 11(a) 
of the Federal Deposit Insurance Act or any other provision of law, the 
Federal Deposit Insurance Corporation shall insure deposits under the 
Federal Deposit Insurance Act without regard to the amount on deposit 
in any account or the amount of the deposits of any customer.
    (b) Money Market Accounts.--The Secretary of the Treasury shall 
establish a program, in such manner as the Secretary determines 
appropriate, for insuring against loss the principal amounts on deposit 
in any money market account (as defined by the Secretary), subject to 
such assessments against the institution holding such accounts to cover 
the cost of providing the insurance (including the overhead involved) 
as the Secretary determines appropriate, using the stabilization fund 
established under section 5302 of title 31, United States Code, without 
limitation on the amount insured in any such account.
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