To authorize the Secretary of the Treasury to direct the Federal Deposit Insurance Corporation and the National Credit Union Administration to establish emergency transaction account guarantee programs, and for other purposes.

Summary

The bill authorizes the Treasury, after a banking or credit‑union stress event is declared, to require the FDIC and the credit‑union insurer to set up emergency programs that guarantee all deposits in non‑interest‑bearing transaction accounts. The programs are capped in cost and time, must be reported to Congress, and any losses are recovered from banks and credit unions through special assessments.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share