S. 541 · 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.
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DoddSponsor14 cosponsors · 6 D, 7 R, 1 I
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Akaka
KB
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Bond
SB
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Brown
MC
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Crapo
BC
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Corker
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Isakson
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Gregg
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Hutchison
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Schumer
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Johnson
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Menendez
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Johanns
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Lieberman
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Lincoln6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
The Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to increase from $30 billion to $100 billion the maximum sum that the Federal Deposit Insurance Corporation (FDIC) is authorized to borrow from the Secretary of the Treasury.
What it does: CRS summary · Introduced in Senate · Mar 5, 2009
The Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to increase from $30 billion to $100 billion the maximum sum that the Federal Deposit Insurance Corporation (FDIC) is authorized to borrow from the Secretary of the Treasury.
Authorizes a temporary increase, through calendar 2010, in such borrowing authority, up to a maximum of $500 billion, if the Secretary of the Treasury, in consultation with the President, determines that additional amounts above $100 billion are necessary, pursuant to the written recommendation of the FDIC Board of Directors and the Board of Governors of the Federal Reserve System (Federal Reserve Board). Requires a two-thirds vote of the members of both the FDIC Board of Directors and the Federal Reserve Board to make such a recommendation.
Requires the FDIC, if its borrowing authority is increased above $100 billion, to report promptly to certain congressional committees the reasons and need for the additional borrowing authority and its intended uses.
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 (Mar 5, 2009): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2848-2849)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 5, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.