[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7235 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7235

   To amend the Federal Deposit Insurance Act the amount of deposits 
                        insured under that Act.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2008

Mr. Shays (for himself, Mr. Heller of Nevada, Mr. DeFazio, Mr. Shadegg, 
   Mr. Pitts, Mr. Alexander, Mr. Nunes, Mr. Dent, Mr. Reichert, Mr. 
   Sullivan, and Mr. Wolf) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Federal Deposit Insurance Act the amount of deposits 
                        insured under that Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN FDIC DEPOSIT INSURANCE.

    (a) Insured Amounts Payable.--Section 11(a) of the Federal Deposit 
Insurance Act (12 U.S.C. 1821(a)) is amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (E), by striking ``$100,000'' 
                and all that follows through the end of the 
                subparagraph and inserting ``$300,000.''; and
                    (B) in subparagraph (F)(i)(I), by striking 
                ``$100,000'' and inserting ``$300,000''; and
            (2) in paragraph (3)(A)--
                    (A) by striking ``$250,000'' the first place such 
                term appears; and
                    (B) by striking ``, except that'' and all that 
                follows through ``insured depository institution''.
    (b) Premium Adjustments.--Section 11(a)(1) of the Federal Deposit 
Insurance Act (12 U.S.C. 1821(a)(1)) is amended by adding at the end 
the following new subparagraph:
                    ``(G) Premium adjustments.--Notwithstanding any 
                other provision of this section, the Corporation shall 
                adjust premium for insurance based on solvency of the 
                Deposit Insurance Fund to ensure that the Fund is 
                funded by premiums from insured depository 
                institutions, and not by taxpayer revenues.''.
                                 <all>