Sec. 3. Temporary Transaction Account Guarantee Program
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Section 13 of the Federal Deposit Insurance Act ( 12 U.S.C. 1823 ) is amended by adding at the end the following: The Corporation shall, by rule, establish a framework for a Temporary Transaction Account Guarantee Program (the Program ) under which the Corporation fully insures the net amount any depositor at an insured depository institution maintains in a covered transaction account for a single period not to exceed 180 days. The Corporation may implement the Program only 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 the failure to implement the program would have serious adverse effects on financial stability or economic conditions in the United States.
An insolvent insured depository institution is not eligible to be enrolled in the Program. In implementing the Program, the Corporation may— establish assessments on insured depository institutions that participate in the Program; and use amounts available in the Deposit Insurance Fund. The Corporation may extend the period described in paragraph
(2)for an additional 90 days if— the Board of Directors (upon a vote of not less than two-thirds of the members of the Board of Directors), the Board of Governors of the Federal Reserve System (upon a vote of not less than two-thirds of the members of such Board), and the Secretary (in consultation with the President) determines that the failure to extend such program would have serious adverse effects on financial stability or economic conditions in the United States; and the Secretary of the Treasury submits to Congress a report containing data and analysis, including data and analysis from the Board of Directors and the Board of Governors of the Federal Reserve System, justifying such extension. Not later than 45 days after any implementation of the Program, the Chairperson of the Board of Directors, the Chairman of the Board of Governors of the Federal Reserve System, and the Secretary of the Treasury shall provide testimony to the Committee on Financial Services Committee of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the data, analysis, and justification for implementing the Program. Not later than 90 days after any implementation of the Program, the Comptroller General of the United States shall submit to Congress a report describing the implementation of the Program. In this subsection, the term covered transaction account means a transaction account that is non-interest bearing or that pays interest materially below prevailing market rates, as determined by the Corporation. Any implementation of the Program shall terminate not later than 270 days after the date of implementation unless 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) submits to the Secretary of the Treasury a written recommendation to not terminate the program, and— the Secretary of the Treasury— submits to Congress a report containing data and analysis to justify not terminating the Program that includes data and analysis from the Board of Directors and the Board of Governors of the Federal Reserve System; and requests approval from Congress to extend the Program for a specified period of time; and a joint resolution of approval is enacted to extend the Program. The procedures provided for congressional consideration of a joint resolution under section 1105(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act shall apply to a joint resolution of approval described under subparagraph (A)(ii). . Section 207 of the Federal Credit Union Act ( 12 U.S.C. 1787 ) is amended by adding at the end the following: The National Credit Union Administration Board may establish a program under which the Board fully insures the net amount in member accounts of an insured credit union that are covered transaction accounts for a single period not to exceed 180 days if, upon the written recommendation of such Board (upon a vote of not less than two-thirds of the members of such Board) 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 the failure to establish such program would have serious adverse effects on financial stability or economic conditions in the United States. An insolvent insured credit union is not eligible to be enrolled in a program established under this subsection. To carry out a program under this subsection, the Board may— establish assessments on insured credit unions that participate in such a program; and use amounts available in the Fund. The National Credit Union Administration Board may extend the period described in paragraph
(1)for an additional 90 days if— the National Credit Union Administration Board (upon a vote of not less than two-thirds of the members of such Board), the Board of Governors of the Federal Reserve System (upon a vote of not less than two-thirds of the members of such Board), and the Secretary of the Treasury (in consultation with the President) determines that the failure to extend such program would have serious adverse effects on financial stability or economic conditions in the United States; and the Secretary of the Treasury submits to Congress a report containing data and analysis, including data and analysis from the Board of Directors and the Board of Governors of the Federal Reserve System, justifying such extension. Not later than 45 days after the establishment of a program under this subsection, the Chairman, the Chairman of the Board of Governors of the Federal Reserve System, and the Secretary of the Treasury shall provide testimony to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the data, analysis, and justification for establishing the program under this subsection. Not later than 90 days after the establishment of a program under this subsection, the Comptroller General of the United States shall submit to Congress a report describing the establishment of such program. In this subsection, the term covered transaction account means a transaction account that is non-interest bearing or that pays interest materially below prevailing market rates, as determined by the National Credit Union Administration Board. A program established under this subsection shall terminate not later than 270 days after the date of establishment unless the Board (upon a vote of not less than two-thirds of the members of such Board) 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) submits to the Secretary of the Treasury a written recommendation to not terminate the program, and— the Secretary of the Treasury— submits to Congress a report containing data and analysis to justify not terminating the program that includes data and analysis from the Board and the Board of Governors of the Federal Reserve System; and requests approval from Congress to extend the program for a specified period of time; and a joint resolution of approval is enacted to extend the program. The procedures provided for congressional consideration of a joint resolution under section 1105(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act shall apply to a joint resolution of approval described under subparagraph (A)(ii). . Section 1105(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5612(d) ) is amended— by redesignating paragraph
(4)as paragraph (5); and by inserting after paragraph
(3)the following: Upon receipt of a request under subsection (c), a joint resolution introduced in the House of Representatives in connection with such request shall be privileged. .
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