[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3243 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3243

   To amend the Federal Deposit Insurance Act to allow the Board of 
  Directors of the Federal Deposit Insurance Corporation to guarantee 
noninterest-bearing transaction accounts for a certain period, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 11, 2023

 Mr. Luetkemeyer introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Federal Deposit Insurance Act to allow the Board of 
  Directors of the Federal Deposit Insurance Corporation to guarantee 
noninterest-bearing transaction accounts for a certain period, 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 ``Small Business Stability Act''.

SEC. 2. FEDERAL DEPOSIT INSURANCE CORPORATION GUARANTEE OF UNINSURED 
              DEPOSITS FOR A CERTAIN PERIOD.

    Section 13(c)(4) of the Federal Deposit Insurance Act (12 U.S.C. 
1823(c)(4)) is amended--
            (1) in subparagraph (B), by inserting ``and except as 
        provided in subparagraph (H),'' after `` Fund,'';
            (2) by redesignating subparagraph (H) as subparagraph (I); 
        and
            (3) by inserting after subparagraph (G) the following:
                    ``(H) Guarantee of uninsured deposits.--In 
                exercising the authority under this subsection with 
                respect to any insured depository institution, the 
                Corporation may guarantee deposits in noninterest-
                bearing transaction accounts for a single period not to 
                exceed 60 days without regard for the requirements of 
                subparagraph (B) 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--
                            ``(i) the Corporation's compliance with 
                        subparagraphs (A) and (E) with respect to any 
                        insured depository institution for which the 
                        Corporation proposes to guarantee deposits in 
                        noninterest-bearing transaction accounts would 
                        have serious adverse effects on the stability 
                        of the entire banking system; and
                            ``(ii) the Corporation's proposed guarantee 
                        of deposits in noninterest-bearing transaction 
                        accounts would avoid or mitigate such adverse 
                        effects.''.
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