A bill to provide full deposit insurance for public units and to increase deposit insurance from $20,000 to $40,000.

Provides that the accounts of Federal and State officials having custody of public funds shall be insured for the full amount of such accounts in the case of despositors under the Federal Deposit Insurance Act, insured members under the National Housing Act, and depositors and members under the Federal Credit Union Act.

Increases from $20,000 to $40,000 the amount of deposit insurance allowed under the Federal Deposit Insurance Act and the National Housing Act.