I
106TH CONGRESS
2D SESSION
H. R. 4674
To amend the Federal Deposit Insurance Act to require periodic cost of
living adjustments to the maximum amount of deposit insurance available
under such Act to the extent such increase does not cause the reserve
ratios of the deposit insurance funds to decline, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JUNE 15, 2000
Mr. CAMPBELL introduced the following bill; which was referred to the
Committee on Banking and Financial Services
A BILL
To amend the Federal Deposit Insurance Act to require
periodic cost of living adjustments to the maximum
amount of deposit insurance available under such Act
to the extent such increase does not cause the reserve
ratios of the deposit insurance funds to decline, and
for other purposes.
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 Adjustment and Protection Act’’.
SEC. 2. PERIODIC ADJUSTMENT TO MAXIMUM AMOUNT OF
DEPOSIT INSURANCE COVERAGE.
(a) IN GENERAL.—Section 11(a)(1) of the Federal
Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is amended
by striking subparagraph (B) and inserting the following
new subparagraph:
‘‘(B) NET
AMOUNT
OF
INSURED
DE-
POSIT.—
‘‘(i) IN GENERAL.—Subject to clauses
(ii) and (iii), the net amount due to any
depositor at an insured depository institu-
tion shall not exceed $100,000, as deter-
mined in accordance with subparagraphs
(C) and (D).
‘‘(ii) INFLATION ADJUSTMENT.—As of
the 1st day of the 3-year period beginning
on January 1, 2001, and the 1st day of
each subsequent 3-year period, the max-
imum net amount due to any depositor at
an insured depository institution under
clause (i) shall be increased by the product
of—
‘‘(I) the amount described in
clause (i); and
‘‘(II) the cost of living adjust-
ment determined under section 1(f)(3)
of clause (ii) of this subsection, by sub-
stituting ‘calendar year 1980’ for ‘calendar
year 1992’.
‘‘(v) ROUNDING.—If the amount de-
termined under clause (ii) for any period is
not a multiple of $1,000, the amount so
determined shall be rounded to the nearest
$1,000.
‘‘(vi) PUBLICATION.—Not later than
January 15 of the 1st year of each 3-year
period referred to in clause (ii), the Board
of Directors shall publish in the Federal
Register the maximum net amount which
may be due to any depositor at an insured
depository institution during such 3-year
period.’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Paragraphs (2)(A) and (3)(A) of section
11(a) of the Federal Deposit Insurance Act (12
U.S.C. 1821(a)) are each amended by striking
‘‘$100,000’’ and inserting ‘‘the amount determined
under paragraph (1)(B)’’.
(2) Paragraph (6) of section 11(m) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1821(m)) is
amended by striking ‘‘$100,000’’ and inserting ‘‘the
amount determined under subsection (a)(1)(B)’’.
(3) The following provisions of the Federal De-
posit Insurance Act are each amended by striking
‘‘$100,000’’ and inserting ‘‘the amount determined
under section 11(a)(1)(B)’’.
(A) Paragraphs (1) and (3) of section 7(i)
(12 U.S.C. 1817(i)).
(B) Subsection (d) of section 43 (12
U.S.C. 1831t).
Æ