S.2999

The Main Street Depositor Protection Act amends the Federal Deposit Insurance Act to include noninterest-bearing transaction accounts in the.

The Main Street Depositor Protection Act amends the Federal Deposit Insurance Act to include noninterest-bearing transaction accounts in the determination of insured deposits. It mandates the Federal Deposit Insurance Corporation and the National Credit Union Administration Board to insure these accounts, up to a limit of $10,000,000. The bill also requires the Federal Deposit Insurance Corporation to publish a plan for gradually increasing the portion of insured deposits in these accounts over a 10-year period.