To amend the Federal Deposit Insurance Act to make changes to the Standard Maximum Deposit Insurance Amount, and for other purposes.
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Summary
The bill would raise the Standard Maximum Deposit Insurance Amount under the Federal Deposit Insurance Act from $250,000 to $750,000, effective 180 days after enactment. It would replace the existing deposit insurance adjustment language with an annual CPI-based inflation adjustment, rounded down to the nearest $10,000, beginning January 1 of the year after enactment. It also directs the FDIC and NCUA to jointly study and report to Congress within one year on the appropriate deposit insurance amount, considering asset levels, deposit distribution, insured-to-uninsured deposit ratios, and effects on the Deposit Insurance Fund.
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