H.R. 10821
To amend the Federal Deposit Insurance Act to make changes to the Standard Maximum Deposit Insurance Amount, and for other purposes.
Sponsor: Josh Gottheimer · 0 cosponsors
Official summary
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Text of the bill
(a) In general. Section 11(a) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)) is amended—
(1) in subparagraph (E)—
(A) by striking $250,000 and inserting $750,000; and
(B) by striking after March 31, 2010 and all that follows through to the end of subparagraph (E); and
(2) by striking subparagraph (F) and inserting the following:
(F) CPI Adjustment. On January 1 of the year following the year during which this subparagraph was enacted, and each January 1 thereafter, the Corporation shall—
(i) adjust the first dollar figure described in subparagraph (E) by a percentage equal to the percentage increase, if any, in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics for the most recent 12-month period for which data are available; and
(ii) round each adjusted dollar figure down to the nearest $10,000.
(b) Effective date. The amendments made by this section shall take effect 180 days after the date of the enactment of this section.