Employee Paycheck and Small Business Protection Act
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Summary
This bill amends federal banking laws to expand deposit and share insurance coverage for business payment accounts at banks and credit unions. It establishes a program to fully insure deposits up to $100 million per depositor per institution for accounts used primarily for business transactions such as payroll and vendor payments. The bill requires the FDIC and NCUA to conduct data analysis and issue proposed and final rules within specified timeframes, with consideration given to financial system stability, competitive market structure, and the ability of businesses to meet payment obligations.
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How your representatives voted
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