Sec. 2. Transaction account guarantees
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Section 11(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(a)(1) ) is amended— in subparagraph (B)— by striking The net amount and inserting the following: Subject to clause (ii), the net amount ; and by adding at the end the following: Notwithstanding clause (i), and subject to subclause
(II)of this clause, the Corporation shall insure the net amount, in an amount that is not more than $100,000,000, that any depositor at an insured depository institution maintains in a noninterest-bearing transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i). An insured depository institution that has less than $250,000,000,000 in total consolidated assets may elect not to participate with respect to the increased amount of insurance made available under subclause (I). The Corporation may not assess a fee on any insured depository institution that elects not to participate with respect to the increased amount of insurance made available under subclause (I). In this clause, the term noninterest-bearing transaction account means a deposit or account maintained at an insured depository institution— with respect to which interest is neither accrued nor paid; on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone or other electronic media transfers, or other similar items for the purpose of making payments or transfers to third parties or others; and on which the insured depository institution does not reserve the right to require advance notice of an intended withdrawal. ; and in subparagraph (C), by striking subparagraph
(B)and inserting subparagraph (B)(i) . On the date that is 2 years after the date of enactment of this Act, section 11(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(a)(1) ) is amended— by amending subparagraph
(B)to read as follows: The net amount to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E), and
(F)and paragraph (3). ; and in subparagraph (C), by striking subparagraph (B)(i) and inserting subparagraph
(B).
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Sec. 2
Transaction account guarantees
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