I 
116TH CONGRESS 
2D SESSION 
H. R. 6380 
To temporarily provide for Federal insurance of transaction accounts during 
the COVID–19 emergency. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 24, 2020 
Mr. GREEN of Texas (for himself, Ms. GARCIA of Texas, Mr. MEEKS, Mr. 
CLEAVER, and Mrs. BEATTY) introduced the following bill; which was re-
ferred to the Committee on Financial Services 
A BILL 
To temporarily provide for Federal insurance of transaction 
accounts during the COVID–19 emergency. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. INSURANCE OF TRANSACTION ACCOUNTS. 
(a) BANKS AND SAVINGS ASSOCIATIONS.— 
(1) AMENDMENTS.—Section 11(a)(1) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1821(a)(1)) is amended— 
(A) in subparagraph (B)— 
(i) by striking ‘‘The net amount’’ and 
inserting the following: 
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‘‘(i) IN GENERAL.—Subject to clause 
(ii), the net amount’’; and 
(ii) by adding at the end the following 
new clauses: 
‘‘(ii) AUTHORIZATION FOR INSURANCE 
FOR
TRANSACTION
ACCOUNTS.—Notwith-
standing clause (i), the Corporation may 
fully insure the net amount that any de-
positor at an insured depository institution 
maintains in a transaction account. Such 
amount shall not be taken into account 
when computing the net amount due to 
such depositor under clause (i). 
‘‘(iii) TRANSACTION
ACCOUNT
DE-
FINED.—For purposes of this subpara-
graph, the term ‘transaction account’ has 
the meaning given that term under section 
19 of the Federal Reserve Act (12 U.S.C. 
461).’’; and 
(B) in subparagraph (C), by striking ‘‘sub-
paragraph (B)’’ and inserting ‘‘subparagraph 
(B)(i)’’. 
(2) PROSPECTIVE REPEAL.—Effective January 
1, 2022, section 11(a)(1) of the Federal Deposit In-
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surance Act (12 U.S.C. 1821(a)(1)), as amended by 
paragraph (1), is amended— 
(A) in subparagraph (B)— 
(i) by striking ‘‘DEPOSIT.—’’ and all 
that follows through ‘‘clause (ii), the net 
amount’’ and insert ‘‘DEPOSIT.—The net 
amount’’; and 
(ii) by striking clauses (ii) and (iii); 
and 
(B) in subparagraph (C), by striking ‘‘sub-
paragraph (B)(i)’’ and inserting ‘‘subparagraph 
(B)’’. 
(b) CREDIT UNIONS.— 
(1) AMENDMENTS.—Section 207(k)(1) of the 
Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is 
amended— 
(A) in subparagraph (A)— 
(i) by striking ‘‘Subject to the provi-
sions of paragraph (2), the net amount’’ 
and inserting the following: 
‘‘(i) NET
AMOUNT
OF
INSURANCE 
PAYABLE.—Subject to clause (ii) and the 
provisions of paragraph (2), the net 
amount’’; and 
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(ii) by adding at the end the following 
new clauses: 
‘‘(ii) AUTHORIZATION FOR INSURANCE 
FOR
TRANSACTION
ACCOUNTS.—Notwith-
standing clause (i), the Board may fully in-
sure the net amount that any member or 
depositor at an insured credit union main-
tains in a transaction account. Such 
amount shall not be taken into account 
when computing the net amount due to 
such member or depositor under clause (i). 
‘‘(iii) TRANSACTION
ACCOUNT
DE-
FINED.—For purposes of this subpara-
graph, the term ‘transaction account’ has 
the meaning given that term under section 
19 of the Federal Reserve Act (12 U.S.C. 
461).’’; and 
(B) in subparagraph (B), by striking ‘‘sub-
paragraph (A)’’ and inserting ‘‘subparagraph 
(A)(i)’’. 
(2) PROSPECTIVE REPEAL.—Effective January 
1, 2022, section 207(k)(1) of the Federal Credit 
Union Act (12 U.S.C. 1787(k)(1)), as amended by 
paragraph (1), is amended— 
(A) in subparagraph (A)— 
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(i) by striking ‘‘(i) NET AMOUNT OF 
INSURANCE PAYABLE.—’’ and all that fol-
lows through ‘‘paragraph (2), the net 
amount’’ and inserting ‘‘Subject to the 
provisions of paragraph (2), the net 
amount’’; and 
(ii) by striking clauses (ii) and (iii); 
and 
(B) in subparagraph (B), by striking ‘‘sub-
paragraph (A)(i)’’ and inserting ‘‘subparagraph 
(A)’’. 
(c) COVID–19 EMERGENCY DEFINED.—In this sec-
tion, the term ‘‘COVID–19 emergency’’ means the period 
that begins upon the date of the enactment of this Act 
and ends upon the date of the termination by the Federal 
Emergency Management Agency of the emergency de-
clared on March 13, 2020, by the President under the 
Robert T. Stafford Disaster Relief and Emergency Assist-
ance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic. 
Æ 
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