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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Federal Deposit Insur-
ance Reform Act’’.
SEC. 2. LIFETIME LIMIT ON DEPOSIT INSURANCE.
(a) BANKS AND SAVINGS ASSOCIATIONS.—Effective
January 1, 1994, section 11(a) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(a)) is amended by adding
at the end the following new paragraph:
‘‘(9) LIFETIME MAXIMUM.—
‘‘(A) IN GENERAL.—Notwithstanding any
other provision of this Act, a person may not
receive, in the aggregate, an amount greater
than $100,000 as payment for insured deposits
under this Act, including amounts provided as
transferred deposits.
‘‘(B) DETERMINATION WITHOUT REGARD
TO CAPACITY OF PERSON, TYPE OF DEPOSIT,
OR IDENTITY OF INSTITUTION.—In making any
determination relating to the insured deposits
of any person for purposes of subparagraph
(A), the Corporation shall take into account
payments to any person in connection with all
insured deposits of such individual without re-
gard to the capacity in which such person held
the deposits, the nature of the deposit, or the
insured depository institution in which such de-
posits were made.
‘‘(C) 
PROCEDURES.—The 
Corporation
shall establish such procedures as the Corpora-
tion determines to be necessary to carry out the
requirements of this paragraph, including the
maintenance of records of social security and
tax identification numbers of insured deposi-
tors.’’.
(b) CREDIT UNIONS.—Section 207(k) of the Federal
Credit Union Act (12 U.S.C. 1787(k)) is amended by add-
ing at the end the following new paragraph:
‘‘(4) LIFETIME MAXIMUM.—
‘‘(A) IN GENERAL.—Notwithstanding any
other provision of this Act, a person may not
receive, in the aggregate, an amount greater
than $100,000 as payment for insured accounts
under this Act, including amounts provided as
transferred deposits.
‘‘(B) DETERMINATION WITHOUT REGARD
TO CAPACITY OF PERSON, TYPE OF DEPOSIT,
OR IDENTITY OF INSTITUTION.—In making any
determination relating to the insured deposits
of any person for purposes of subparagraph
(A), the Board shall take into account pay-
ments to any person in connection with all in-
sured accounts of such individual without re-
gard to the capacity in which such person held
the account, the nature of the account, or the
insured credit union in which such accounts de-
posits were held.
‘‘(C) PROCEDURES.—The Board shall es-
tablish such procedures as the Board deter-
mines to be necessary to carry out the require-
ments of this paragraph, including the mainte-
nance of records of social security and tax iden-
tification numbers of insured depositors.’’.
(c) SCOPE OF APPLICATION.—In applying the re-
quirements of the amendments made by subsections (a)
and (b) on and after the date of the enactment with re-
spect to any person, the Federal Deposit Insurance Cor-
poration and the Federal Credit Union Administration
Board shall take into account amounts paid before such
date to such person.
Æ