H.R. 10821
To amend the Federal Deposit Insurance Act to make changes to the Standard Maximum Deposit Insurance Amount, and for other purposes.
Summary:
• Raises the Standard Maximum Deposit Insurance Amount from $250,000 to $750,000, effective 180 days after enactment
• Establishes an annual CPI adjustment mechanism, whereby the deposit insurance amount is adjusted each January 1st based on the Consumer Price Index for All Urban Consumers and rounded down to the nearest $10,000
• Requires the FDIC and National Credit Union Administration to jointly submit a report to Congress within one year analyzing the appropriate standard maximum deposit insurance amount
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• Establishes an annual CPI adjustment mechanism, whereby the deposit insurance amount is adjusted each January 1st based on the Consumer Price Index for All Urban Consumers and rounded down to the nearest $10,000
• Requires the FDIC and National Credit Union Administration to jointly submit a report to Congress within one year analyzing the appropriate standard maximum deposit insurance amount
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