To amend the Federal Deposit Insurance Act to permanently extend the Transaction Amount Guarantee Program.

Amends the Federal Deposit Insurance Act to permanently extend the Transaction Amount Guarantee Program that fully insures the net amount any depositor at an insured depository institution maintains in a noninterest-bearing transaction account.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4928 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4928

 To amend the Federal Deposit Insurance Act to permanently extend the 
                 Transaction Amount Guarantee Program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 2010

Mr. Gutierrez introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to permanently extend the 
                 Transaction Amount Guarantee Program.

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

SECTION 1. PERMANENT EXTENSION OF THE TRANSACTION AMOUNT GUARANTEE 
              PROGRAM.

    (a) TAGP Extension.--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 ``The net amount'' and inserting 
                the following:
                            ``(i) In general.--Subject to clause (ii), 
                        the net amount''; and
                    (B) by adding at the end the following new clauses:
                            ``(ii) Insurance for noninterest-bearing 
                        transaction accounts.--Notwithstanding clause 
                        (i), the Corporation shall fully insure the net 
                        amount 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).
                            ``(iii) Noninterest-bearing transaction 
                        account defined.--For purposes of this 
                        subparagraph, the term `noninterest-bearing 
                        transaction account' means a deposit or account 
                        maintained at an insured depository 
                        institution--
                                    ``(I) with respect to which 
                                interest is neither accrued nor paid;
                                    ``(II) 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
                                    ``(III) on which the insured 
                                depository institution does not reserve 
                                the right to require advance notice of 
                                an intended withdrawal.''; and
            (2) in subparagraph (C), by striking ``subparagraph (B)'' 
        and inserting ``subparagraph (B)(i)''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on July 1, 2010.
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