[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6871 Reported in House (RH)]
Union Calendar No. 592
110th CONGRESS
2d Session
H. R. 6871
[Report No. 110-917]
To amend the Expedited Funds Availability Act to provide a 1-time
adjustment in certain dollar amounts to account for inflation over the
21 years since the enactment of such Act, to provide for future
adjustments of such amounts on a regular basis, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 11, 2008
Mrs. Maloney of New York (for herself and Mr. Frank of Massachusetts)
introduced the following bill; which was referred to the Committee on
Financial Services
December 9, 2008
Additional sponsor: Mr. Sherman
December 9, 2008
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed
_______________________________________________________________________
A BILL
To amend the Expedited Funds Availability Act to provide a 1-time
adjustment in certain dollar amounts to account for inflation over the
21 years since the enactment of such Act, to provide for future
adjustments of such amounts on a regular basis, 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 ``Expedited Funds Availability Dollar
Limits Adjustment Act of 2008''.
SEC. 2. 1-TIME ADJUSTMENT OF DOLLAR AMOUNTS.
(a) Next Business Day Availability.--Section 603(a)(2)(D) of the
Expedited Funds Availability Act (12 U.S.C. 4002(a)(2)(D)) is amended
by striking ``$100'' and inserting ``$175''.
(b) Cash Withdrawal Dollar Limit.--The first sentence of section
603(b)(3)(B) of the Expedited Funds Availability Act (12 U.S.C.
4002(b)(3)(B)) is amended by striking ``$400'' each place such term
appears and inserting ``$700''.
(c) Effective Date.--
(1) In general.--The amendments made by subsections (a) and
(b) shall apply after the end of the 1-year period beginning on
the date of the enactment of this Act.
(2) Regulations.--Before the end of the 1-year period
described in paragraph (1), the Board of Governors of the
Federal Reserve System shall prescribe such regulations as may
be necessary to implement the amendments made by this section.
SEC. 3. SUBSEQUENT INDEXATION OF DOLLAR AMOUNTS.
Section 607 of the Expedited Funds Availability Act (12 U.S.C.
4006) is amended by adding at the end the following new subsection:
``(f) Adjustment for Inflation.--
``(1) In general.--Before the end of the 6-year period
beginning on the date of the enactment of the Expedited Funds
Availability Dollar Limits Adjustment Act of 2008 and at least
every 5 years after the expiration of such period, each dollar
amount contained in sections 603(a)(2)(D) and 603(b)(3)(B)
shall be increased by an amount determined by the Board to be
equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment for such
period.
``(2) Cost of living adjustment.--For purposes of paragraph
(1), the cost-of-living adjustment for any period is the
percentage (if any) by which--
``(A) the published annual value of the Consumer
Price Index for the calendar year preceding the date of
the determination by the Board under paragraph (1),
exceeds
``(B) the published annual value of the Consumer
Price Index for the calendar year 2008.
``(3) Consumer price index defined.--For purposes of
paragraph (2), the term `Consumer Price Index' means the
Consumer Price Index for all-urban consumers published by the
Secretary of Labor.
``(4) Rounding.--If any increase determined under paragraph
(1) is not a multiple of $25, such increase shall be rounded to
the nearest multiple of $25.
``(5) Publication.--The Board shall publish the adjusted
amount for each dollar amount determined under paragraph (1) in
the Federal Register promptly upon making such determination.
``(6) Effective date.--The adjusted amounts shall take
effect at the end of the 120-day period beginning on the date
by which a determination is required under paragraph (1).''.
Union Calendar No. 592
110th CONGRESS
2d Session
H. R. 6871
[Report No. 110-917]
_______________________________________________________________________
A BILL
To amend the Expedited Funds Availability Act to provide a 1-time
adjustment in certain dollar amounts to account for inflation over the
21 years since the enactment of such Act, to provide for future
adjustments of such amounts on a regular basis, and for other purposes.
_______________________________________________________________________
December 9, 2008
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed