[Congressional Record Volume 158, Number 148 (Monday, November 26, 2012)]
[Senate]
[Page S6896]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REID:
  S. 3637. A bill to temporarily extend the transaction account 
guarantee program, and for other purposes; read the first time.
  Mr. REID. Mr. President, I ask unanimous consent that the text of the 
bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in teh Record as follows:

                                S. 3637

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

     SECTION 1. INSURED DEPOSITORY INSTITUTION TRANSACTION ACCOUNT 
                   GUARANTEE PROGRAM.

       (a) Extension.--Notwithstanding any other provision of law 
     that would repeal subparagraphs (B) and (C) of section 
     (11)(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
     1821(a)(1)) on January 1, 2013, such subparagraphs shall 
     remain in effect until December 31, 2014.
       (b) Prospective Repeal.--Effective on January 1, 2015, 
     section 11(a)(1) of the Federal Deposit Insurance Act (12 
     U.S.C. 1821(a)(1)) is amended--
       (1) in subparagraph (B)--
       (A) by striking ``deposit.--'' and all that follows through 
     ``clause (ii), the net amount'' in clause (i), and inserting 
     ``deposit.--The net amount''; and
       (B) by striking clauses (ii) and (iii); and
       (2) in subparagraph (C), by striking ``subparagraph 
     (B)(i)'' and inserting ``subparagraph (B)''.
       (c) Cost Recovery.--The Federal Deposit Insurance 
     Corporation (in this section referred to as the 
     ``Corporation'') shall fully offset, in each calendar year, 
     any estimated losses to the Deposit Insurance Fund 
     established under section 11(a)(4) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1821(a)(4)) that may occur as a 
     result of the amendments made under subsections (a) and (b) 
     of this section, by--
       (1) estimating the losses, if any, that are expected to 
     occur for each calendar year; and
       (2) collecting an amount equal to such estimated losses by 
     September 30 of such calendar year, which shall be in 
     addition to the assessments that would otherwise be collected 
     by the Corporation with respect to such year for insured 
     depository institutions (as defined in section 3(c)(2) of 
     that Act (12 U.S.C. 1813(c)(2))) pursuant to section 7(b) of 
     that Act (12 U.S.C. 1817(b)).

     SEC. 2. INSURED CREDIT UNION TRANSACTION ACCOUNT GUARANTEE 
                   PROGRAM.

       (a) Extension.--Notwithstanding any other provision of law 
     that would repeal subparagraphs (A) and (B) of section 
     207(k)(1) of the Federal Credit Union Act (12 U.S.C. 
     1787(k)(1)) on January 1, 2013, such subparagraphs shall 
     remain in effect until December 31, 2014.
       (b) Prospective Repeal.--Effective on January 1, 2015, 
     section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 
     1787(k)(1)) is amended--
       (1) in subparagraph (A)--
       (A) by striking ``(A) In general .--'' and all that follows 
     through ``paragraph (2), the net amount'' in clause (i), and 
     inserting the following:
       ``(1) In general.--Subject to the provisions of paragraph 
     (2), the net amount''; and
       (B) by striking clauses (ii) and (iii); and
       (2) in subparagraph (B), by striking ``subparagraph 
     (A)(i)'' and inserting ``subparagraph (A)''.
       (c) Cost Recovery.--The National Credit Union 
     Administration (in this section referred to as the 
     ``Administration'') shall fully offset, in each calendar 
     year, any estimated losses to the National Credit Union Share 
     Insurance Fund established under section 203(a) of the 
     Federal Credit Union Act (12 U.S.C. 1783(a)) that may occur 
     as a result of the amendments made under subsections (a) and 
     (b) of this section, by--
       (1) estimating the losses, if any, that are expected to 
     occur for each calendar year; and
       (2) collecting an amount equal to such estimated losses by 
     September 30 of such calendar year, which shall be in 
     addition to the assessments that would otherwise be collected 
     by the Administration with respect to such year for insured 
     credit unions (as defined in section 101 of that Act (12 
     U.S.C. 1752)) pursuant to section 202 of that Act (12 U.S.C. 
     1782).

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