US Congress Senate Bill 541 (Prior Session Legislation)

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Spectrum:
Status: Introduced on March 5 2009 - 25% progression, died in chamber
Action: 2009-03-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2848-2849)
Text: Latest bill text (Introduced) [PDF]

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.

Depositor Protection Act of 2009

Sen. Daniel Akaka [D-HI]	Sen. Christopher Bond [R-MO]	Sen. Sherrod Brown [D-OH]	Sen. Bob Corker [R-TN]
Sen. Mike Crapo [R-ID]	Sen. Christopher Dodd [D-CT]	Sen. Judd Gregg [R-NH]	Sen. Kay Hutchison [R-TX]
Sen. Johnny Isakson [R-GA]	Sen. Mike Johanns [R-NE]	Sen. Tim Johnson [D-SD]	Sen. Joseph Lieberman [I-CT]
Sen. Blanche Lincoln [D-AR]	Sen. Robert Menendez [D-NJ]	Sen. Charles Schumer [D-NY]

Date	Chamber	Action
2009-03-05		Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2848-2849)
2009-03-05		Sponsor introductory remarks on measure. (CR S2848)

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/541/all-info
Text	https://www.congress.gov/111/bills/s541/BILLS-111s541is.pdf