[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7270 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7270

   To provide for a temporary increase in the maximum insured amount 
 limitation for deposit insurance and credit union share insurance to 
                   $250,000, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 3, 2008

 Mr. Smith of New Jersey (for himself and Mr. LoBiondo) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
   To provide for a temporary increase in the maximum insured amount 
 limitation for deposit insurance and credit union share insurance to 
                   $250,000, 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 ``Temporary Increase in FDIC and 
Credit Union Insurance Act of 2008''.

SEC. 2. TEMPORARY INCREASE IN DEPOSIT AND SHARE INSURANCE COVERAGE.

    (a) Federal Deposit Insurance Act; Temporary Increase in Deposit 
Insurance.--
            (1) Increased amount.--Effective only during the period 
        beginning on the date of enactment of this Act and ending on 
        December 31, 2009, section 11(a)(1)(E) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1821(a)(1)(E)) shall apply with 
        ``$250,000'' substituted for ``$100,000''.
            (2) Temporary increase not to be considered for setting 
        assessments.--The temporary increase in the standard maximum 
        deposit insurance amount made under paragraph (1) shall not be 
        taken into account by the Board of Directors of the Federal 
        Deposit Insurance Corporation for purposes of setting 
        assessments under section 7(b)(2) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1817(b)(2)).
            (3) Borrowing limits temporarily lifted.--During the period 
        beginning on the date of enactment of this Act and ending on 
        December 31, 2009, the Board of Directors of the Federal 
        Deposit Insurance Corporation may request from the Secretary, 
        and the Secretary shall approve, a loan or loans in an amount 
        or amounts necessary to carry out this subsection, without 
        regard to the limitations on such borrowing under section 14(a) 
        and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 
        1824(a), 1825(c)).
    (b) Federal Credit Union Act; Temporary Increase in Share 
Insurance.--
            (1) Increased amount.--Effective only during the period 
        beginning on the date of enactment of this Act and ending on 
        December 31, 2009, section 207(k)(5) of the Federal Credit 
        Union Act (12 U.S.C. 1787(k)(5)) shall apply with ``$250,000'' 
        substituted for ``$100,000''.
            (2) Temporary increase not to be considered for setting 
        insurance premium charges.--The temporary increase in the 
        standard maximum share insurance amount made under paragraph 
        (1) shall not be taken into account by the National Credit 
        Union Administration Board for purposes of setting insurance 
        premium charges under section 202(c)(2) of the Federal Credit 
        Union Act (12 U.S.C. 1782(c)(2)).
            (3) Borrowing limits temporarily lifted.--During the period 
        beginning on the date of enactment of this Act and ending on 
        December 31, 2009, the National Credit Union Administration 
        Board may request from the Secretary, and the Secretary shall 
        approve, a loan or loans in an amount or amounts necessary to 
        carry out this subsection, without regard to the limitations on 
        such borrowing under section 203(d)(1) of the Federal Credit 
        Union Act (12 U.S.C. 1783(d)(1)).
    (c) Not for Use in Inflation Adjustments.--The temporary increase 
in the standard maximum deposit insurance amount made under this 
section shall not be used to make any inflation adjustment under 
section 11(a)(1)(F) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(1)(F)) for purposes of that Act or the Federal Credit Union 
Act.
                                 <all>