[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 227 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 227
To amend the Federal Deposit Insurance Act with respect to municipal
deposits.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 31, 2001
Mr. Torricelli (for himself, Mr. Johnson, and Mr. Feingold) introduced
the following bill; which was read twice and referred to the Committee
on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend the Federal Deposit Insurance Act with respect to municipal
deposits.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Municipal Deposit Insurance
Protection Act of 2001''.
SEC. 2. FDIC INSURANCE OF MUNICIPAL DEPOSITS.
Section 11(a)(2) of the Federal Deposit Insurance Act (12 U.S.C.
1821(a)(2)) is amended by adding at the end the following:
``(C) Municipal depositors.--
``(i) In general.--Notwithstanding subparagraph (A), the
deposits of an in-State municipal depositor at an insured
depository institution shall be insured in an amount equal to
the total amount of those deposits.
``(ii) Definitions.--In this subparagraph--
``(I) the term `in-State municipal depositor' means
a municipal depositor that is located in the same State
as the office or branch of the insured depository
institution at which the deposits of that depositor are
held; and
``(II) the term `municipal depositor' means a
depositor described in any of clauses (i) through (v)
of subparagraph (A).''.
<all>
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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