[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 541 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 541

 To increase the borrowing authority of the Federal Deposit Insurance 
                  Corporation, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 5, 2009

Mr. Dodd (for himself, Mr. Crapo, Mr. Akaka, Mr. Brown, Mr. Corker, Mr. 
 Bond, and Mr. Isakson) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
 To increase the borrowing authority of the Federal Deposit Insurance 
                  Corporation, and for other purposes.

    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 ``The Depositor Protection Act of 
2009''.

SEC. 2. INCREASED BORROWING AUTHORITY OF THE FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    Section 14(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1824(a)) is amended--
            (1) by striking ``$30,000,000,000'' and inserting 
        ``$100,000,000,000'';
            (2) by striking ``The Corporation is authorized'' and 
        inserting the following:
            ``(1) In general.--The Corporation is authorized'';
            (3) by striking ``There are hereby'' and inserting the 
        following:
            ``(2) Funding.--There are hereby''; and
            (4) by adding at the end the following:
            ``(3) Temporary increases authorized.--
                    ``(A) Recommendations for increase.--During the 
                period beginning on the date of enactment of this 
                paragraph and ending on December 31, 2010, if, upon the 
                written recommendation of the Board of Directors (upon 
                a vote of not less than two-thirds of the members of 
                the Board of Directors) and the Board of Governors of 
                the Federal Reserve System (upon a vote of not less 
                than two-thirds of the members of such Board), the 
                Secretary of the Treasury (in consultation with the 
                President) determines that additional amounts above the 
                $100,000,000,000 amount specified in paragraph (1) are 
                necessary, such amount shall be increased to the amount 
                so determined to be necessary, not to exceed 
                $500,000,000,000.
                    ``(B) Report required.--If the borrowing authority 
                of the Corporation is increased above $100,000,000,000 
                pursuant to subparagraph (A), the Corporation shall 
                promptly submit a report to the Committee on Banking, 
                Housing, and Urban Affairs of the Senate and the 
                Committee on Financial Services of the House of 
                Representatives describing the reasons and need for the 
                additional borrowing authority and its intended 
                uses.''.
                                 <all>