110 HR 7228 IH: Main Street Protection Act of U.S. House of Representatives 2008-09-29 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.

I 110th CONGRESS 2d Session H. R. 7228 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.

1.

Short title

This Act may be cited as the Main Street Protection Act of 2008.

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.