110 HR 7235 IH: To amend the Federal Deposit Insurance Act the amount 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. 7235 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.

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. .