HR 3717 · 107th Congress · Finance and Financial Sector
Federal Deposit Insurance Reform Act of 2002
Bill Progress
✓
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2002-05-23)
Recorded Votes
How Did Your Rep Vote?
Enter a ZIP code or representative's name
Plain Language Summary
[AI summary unavailable — showing source text]
Federal Deposit Insurance Reform Act of 2002 - Mandates the merger of the Bank Insurance Fund and the Savings Association Insurance Fund into the Deposit Insurance Fund. Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act to: (1) increase the amount of deposit insurance coverage; (2) couple such increase with an inflation adjustment; and (3) double the amount of deposit insurance for certain retirement accounts. Amends the FDIA to increase the amount of deposit insurance coverage for municipal deposits. Expands the range of authorized investments for the Federal Deposit Insurance Corporation (FDIC) to include Federal agency obligations or comparable obligations authorized by the Secretary of the Treasury. Repeals: (1) independent treatment of each deposit insurance fund with respect to assessments and designated reserve ratio; (2) minimum risk-based assessments for certain at-risk deposit insurance funds; (3) limitations on assessments on deposit insurance funds that fail to meet the designated reserve ratio; and (4) the special rule for recapitalizing undercapitalized funds. Instructs the FDIC Board of Directors to establish annually a designated reser…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 3717, Federal Deposit Insurance Reform Act of 2002
May 16, 2002<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on April 17, 2002</p>
Full CBO report ↗H.R. 3717, Federal Deposit Insurance Reform Act of 2002
May 16, 2002Cost estimate for the bill as ordered reported by the House Committee on Financial Services on April 17, 2002
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (20)
2 Democrats18 Republicans