I

103D CONGRESS

1ST SESSION H. R. 3359

To amend the Federal Deposit Insurance Act to establish a lifetime limit

of $100,000 on the amount of deposit insurance any person may obtain.

IN THE HOUSE OF REPRESENTATIVES

OCTOBER 26, 1993

Mr. HOKE (for himself and Mr. DERRICK) introduced the following bill; which

was referred to the Committee on Banking, Finance and Urban Affairs

A BILL

To amend the Federal Deposit Insurance Act to establish

a lifetime limit of $100,000 on the amount of deposit

insurance any person may obtain.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Federal Deposit Insur5 ance Reform Act’’.

6 SEC. 2. LIFETIME LIMIT ON DEPOSIT INSURANCE.

7 (a) BANKS AND SAVINGS ASSOCIATIONS.—Effective

8 January 1, 1994, section 11(a) of the Federal Deposit In9 surance Act (12 U.S.C. 1821(a)) is amended by adding

10 at the end the following new paragraph:
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1 ‘‘(9) LIFETIME MAXIMUM.—

2 ‘‘(A) IN GENERAL.—Notwithstanding any

3 other provision of this Act, a person may not

4 receive, in the aggregate, an amount greater

5 than $100,000 as payment for insured deposits

6 under this Act, including amounts provided as

7 transferred deposits.

8 ‘‘(B) DETERMINATION WITHOUT REGARD

9 TO CAPACITY OF PERSON, TYPE OF DEPOSIT,

10 OR IDENTITY OF INSTITUTION.—In making any

11 determination relating to the insured deposits

12 of any person for purposes of subparagraph

13 (A), the Corporation shall take into account

14 payments to any person in connection with all

15 insured deposits of such individual without re16 gard to the capacity in which such person held

17 the deposits, the nature of the deposit, or the

18 insured depository institution in which such de19 posits were made.

20 ‘‘(C) PROCEDURES.—The Corporation

21 shall establish such procedures as the Corpora22 tion determines to be necessary to carry out the

23 requirements of this paragraph, including the

24 maintenance of records of social security and
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1 tax identification numbers of insured deposi2 tors.’’.

3 (b) CREDIT UNIONS.—Section 207(k) of the Federal

4 Credit Union Act (12 U.S.C. 1787(k)) is amended by add5 ing at the end the following new paragraph:

6 ‘‘(4) LIFETIME MAXIMUM.—

7 ‘‘(A) IN GENERAL.—Notwithstanding any

8 other provision of this Act, a person may not

9 receive, in the aggregate, an amount greater

10 than $100,000 as payment for insured accounts

11 under this Act, including amounts provided as

12 transferred deposits.

13 ‘‘(B) DETERMINATION WITHOUT REGARD

14 TO CAPACITY OF PERSON, TYPE OF DEPOSIT,

15 OR IDENTITY OF INSTITUTION.—In making any

16 determination relating to the insured deposits

17 of any person for purposes of subparagraph

18 (A), the Board shall take into account pay19 ments to any person in connection with all in20 sured accounts of such individual without re21 gard to the capacity in which such person held

22 the account, the nature of the account, or the

23 insured credit union in which such accounts de24 posits were held.
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1 ‘‘(C) PROCEDURES.—The Board shall es2 tablish such procedures as the Board deter3 mines to be necessary to carry out the require4 ments of this paragraph, including the mainte5 nance of records of social security and tax iden6 tification numbers of insured depositors.’’.

7 (c) SCOPE OF APPLICATION.—In applying the re8 quirements of the amendments made by subsections (a)

9 and (b) on and after the date of the enactment with re10 spect to any person, the Federal Deposit Insurance Cor11 poration and the Federal Credit Union Administration

12 Board shall take into account amounts paid before such

13 date to such person.

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