S. 2403 · 118th Congress
Payroll Account Guarantee Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VanceSponsorNo cosponsors.
This bill increases the amount of deposit insurance available to noninterest-bearing transaction accounts through the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Under current law, deposits are generally insured up to $250,000.
What it does: CRS summary · Introduced in Senate · Jul 20, 2023
Payroll Account Guarantee Act of 2023
This bill increases the amount of deposit insurance available to noninterest-bearing transaction accounts through the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Under current law, deposits are generally insured up to $250,000.
Specifically, noninterest-bearing transaction accounts at smaller FDIC-insured depository institutions (i.e., those with less than $225 billion in assets) and at all NCUA-insured credit unions must be fully insured against losses. In addition, no fees may be levied against an institution or credit union for insurance under this bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Payroll Account Guarantee Act of 2023
Latest action (Jul 20, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 20, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.