H.R. 2657 · 111th Congress
Depositor Protection Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CapuanoSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to limit the authority of the Federal Deposit Insurance Corporation (FDIC) to engage in activities relating to systemic risk without a congressional declaration of a financial emergency.
What it does: CRS summary · Introduced in House · Jun 2, 2009
Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to limit the authority of the Federal Deposit Insurance Corporation (FDIC) to engage in activities relating to systemic risk without a congressional declaration of a financial emergency.
Requires an Act of Congress to declare that severe financial conditions exist, threatening the stability of a significant number of insured depository institutions or of insured depository institutions possessing significant financial resources, before the FDIC may exercise its existing authority to engage in certain transactions with an insured depository institution in order to lessen the risk to the FDIC posed by the institution under such threat of instability.
Declares that FDIC authority to borrow from the Treasury amounts "required for insurance purposes" shall not be construed as authorizing the FDIC to borrow any amount for purposes of funding any action taken under this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Depositor Protection Act of 2009
Latest action (Jun 2, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 2, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.