HR 2623 · 99th Congress · Finance and Financial Sector

A bill to provide that no depository institution may accept deposits unless such depository institution is either federally insured or insured by a State-sponsored insurance program which is backed by the full faith and credit of the State involved.

Introduced 1985-05-23· Sponsored by Rep. Leach, James A. [R-IA-1]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.(1985-05-23)

Plain Language Summary

[AI summary unavailable — showing source text] Prohibits a depository institution from accepting deposits unless it is either federally insured or insured by a State-sponsored insurance program which is backed by the full faith and credit of the State involved.…

Summarized by Claude AI · Non-partisan · For informational purposes only