[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8075 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 8075
To authorize the Secretary of the Treasury to direct the Federal
Deposit Insurance Corporation and the National Credit Union
Administration to establish emergency transaction account guarantee
programs, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 25, 2026
Mr. Barr introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To authorize the Secretary of the Treasury to direct the Federal
Deposit Insurance Corporation and the National Credit Union
Administration to establish emergency transaction account guarantee
programs, 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. EMERGENCY TAG PROGRAM AUTHORITY.
(a) Insured Depository Institutions.--Section 13 of the Federal
Deposit Insurance Act (12 U.S.C. 1823) is amended by adding at the end
the following:
``(l) Emergency TAG Program Authority.--
``(1) In general.--After a determination by the Secretary
of the Treasury under paragraph (2), and subject to the limits
in paragraph (3), the Board of Directors may establish an
emergency transaction account guarantee program under which the
Corporation fully insures the deposits of all insured
depository institutions that are maintained in non-interest-
bearing transaction accounts.
``(2) Banking stress event determination.--The Board of
Directors may establish a program under paragraph (1) only if--
``(A) the Secretary of the Treasury, in
consultation with the President, determines that--
``(i) a banking stress event exists that
presents serious adverse effects on economic
conditions or the stability of the banking
system; and
``(ii) use of the program authorized under
this subsection would avoid or mitigate such
adverse effects; and
``(B) the Secretary of the Treasury gives immediate
notice of such determination to the Board of Directors
and the Board of Governors of the Federal Reserve
System.
``(3) Program limitations.--
``(A) Limitation on size.--
``(i) In general.--Before the Corporation
insures any deposits pursuant to a program
established under paragraph (1), the Secretary
of the Treasury shall, in consultation with the
President, determine the maximum amount of
costs that the Deposit Insurance Fund may incur
under the program.
``(ii) Increase.--Notwithstanding clause
(i), the maximum amount of costs for a program
established under paragraph (1) may be
increased, if--
``(I) such increase is approved in
the same manner as a program
established under paragraph (1); and
``(II) the Secretary of the
Treasury issues a report to the
Congress containing data and analysis
justifying the increase.
``(B) Limitation on duration.--
``(i) In general.--The Corporation shall
terminate each program established under
paragraph (1) no later than the date that is 6
months after the date of commencement of the
program.
``(ii) Extension.--Notwithstanding clause
(i), the termination date for a program
established under paragraph (1) may be extended
one time for an additional 3-month period, if--
``(I) such extension is approved in
the same manner as a program
established under paragraph (1); and
``(II) the Secretary of the
Treasury issues a report to the
Congress containing data and analysis
justifying the extension.
``(4) Testimony to congress.--Not later than 30 days after
a program is established under paragraph (1), the Secretary of
the Treasury shall testify before the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate with respect
to the program.
``(5) GAO review.--Not later than 90 days after the
termination of a program established under paragraph (1), the
Comptroller General of the United States shall review the
program and issue a report to the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate containing
all findings and determinations made in carrying out such
review.
``(6) Repayment of loss.--
``(A) In general.--The Corporation shall recover
any loss to the Deposit Insurance Fund arising from any
program established under paragraph (1) from 1 or more
special assessments on insured depository institutions,
depository institution holding companies (except that a
special assessment on a depository institution holding
company shall require the concurrence of the Secretary
of the Treasury), or both, as the Corporation
determines to be appropriate.
``(B) Rule of application.--For purposes of this
paragraph, sections 7(c)(2) and 18(h) shall apply to
depository institution holding companies as if they
were insured depository institutions.
``(7) Rulemaking.--The Corporation may issue such rules as
the Corporation determines to be appropriate to carry out the
provisions of this subsection.
``(8) Definitions.--In this subsection:
``(A) Banking stress event.--The term `banking
stress event' means an exceptional and broad reduction
in the stability of deposits at insured depository
institutions.
``(B) Non-interest-bearing transaction account.--
The term `non-interest-bearing transaction account'
means a transaction account that--
``(i) is non-interest-bearing; or
``(ii) pays a de minimis amount of
interest, as established by the Corporation.
``(C) Transaction account.--The term `transaction
account' means a deposit or account from which the
depositor or account holder is permitted to make
transfers or withdrawals by negotiable or transferable
instrument, payment order of withdrawal, telephone
transfer, or other similar device for the purpose of
making payments or transfers to third persons or others
or from which the depositor or account holder may make
third-party payments at an automated teller machine or
a remote service unit, or other electronic device,
including by debit card, and includes such other
deposits or accounts maintained at an insured
depository institution that the Corporation may
determine consistent with this definition.''.
(b) Insured Credit Unions.--Section 207(k) of the Federal Credit
Union Act (12 U.S.C. 1787(k)) is amended by adding at the end the
following:
``(7) Emergency tag program authority.--
``(A) In general.--After a determination by the
Secretary of the Treasury under subparagraph (B), and
subject to the limits in subparagraph (C), the Board
may establish an emergency transaction account
guarantee program under which the Administration fully
insures the deposits and shares of all insured credit
unions that are maintained in non-interest-bearing
transaction accounts.
``(B) Credit union stress event determination.--The
Board may establish a program under subparagraph (A)
only if--
``(i) the Secretary of the Treasury, in
consultation with the President, determines
that--
``(I) a credit union stress event
exists that presents serious adverse
effects on economic conditions or the
stability of the credit union system;
and
``(II) use of the program
authorized under this subsection would
avoid or mitigate such adverse effects;
and
``(ii) the Secretary of the Treasury gives
immediate notice of such determination to the
Board and the Board of Governors of the Federal
Reserve System.
``(C) Program limitations.--
``(i) Limitation on size.--
``(I) In general.--Before the Board
insures any deposits or shares pursuant
to a program established under
subparagraph (A), the Secretary of the
Treasury shall, in consultation with
the President, determine the maximum
amount of costs that the National
Credit Union Share Insurance Fund may
incur under the program.
``(II) Increase.--Notwithstanding
subclause (I), the maximum amount of
costs for a program established under
subparagraph (A) may be increased, if--
``(aa) such increase is
approved in the same manner as
a program established under
subparagraph (A); and
``(bb) the Secretary of the
Treasury issues a report to the
Congress containing data and
analysis justifying the
increase.
``(ii) Limitation on duration.--
``(I) In general.--The Board shall
terminate each program the Board
establishes under subparagraph (A) no
later than the date that is 6 months
after the date of commencement of the
program.
``(II) Extension.--Notwithstanding
subclause (I), the termination date for
a program established under
subparagraph (A) may be extended one
time for an additional 3-month period,
if--
``(aa) such extension is
approved in the same manner as
a program established under
subparagraph (A); and
``(bb) the Secretary of the
Treasury issues a report to the
Congress containing data and
analysis justifying the
extension.
``(D) Testimony to congress.--Not later than 30
days after a program is established under subparagraph
(A), the Secretary of the Treasury shall testify before
the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate with respect to the
program.
``(E) GAO review.--Not later than 90 days after the
termination of a program established under subparagraph
(A), the Comptroller General of the United States shall
review the program and issue a report to the Committee
on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban
Affairs of the Senate containing all findings and
determinations made in carrying out such review.
``(F) Repayment of loss.--The Board shall recover
any loss to the National Credit Union Share Insurance
Fund arising from any program established under
subparagraph (A) from 1 or more special assessments on
insured credit unions.
``(G) Rulemaking.--The Board may issue such rules
as the Board determines to be appropriate to carry out
the provisions of this subsection.
``(H) Definitions.--In this paragraph:
``(i) Credit union stress event.--The term
`credit union stress event' means an
exceptional and broad reduction in the
stability of shares and deposits at insured
credit unions.
``(ii) Non-interest-bearing transaction
account.--The term `non-interest-bearing
transaction account' means a transaction
account that--
``(I) does not pay a dividend; or
``(II) pays a de minimis dividend,
as established by the Board.
``(iii) Transaction account.--The term
`transaction account' means a deposit, share,
or account from which the depositor or account
holder is permitted to make transfers or
withdrawals by negotiable or transferable
instrument, payment order of withdrawal,
telephone transfer, or other similar device for
the purpose of making payments or transfers to
third persons or others or from which the
depositor or account holder may make third-
party payments at an automated teller machine
or a remote service unit, or other electronic
device, including by debit card, and includes
such other deposits or accounts maintained at
an insured credit union that the Board may
determine consistent with this definition.''.
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