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S. 229 108th Congress Senate

Safe and Fair Deposit Insurance Act of 2003

Official title: A bill to provide for the merger of the bank and savings association deposit insurance funds, to modernize and improve the safety and fairness of the Federal d… Show full official titleShow less

Official title: A bill to provide for the merger of the bank and savings association deposit insurance funds, to modernize and improve the safety and fairness of the Federal deposit insurance system, and for other purposes.

Introduced: May 22, 2003 See on congress.gov
Finance and Financial Sector Administrative procedureBank capitalBank depositsCommerce
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CongressCongressional reporting requirementsCredit unionsDeposit insuranceEconomics and Public FinanceEmployee benefit plansFederal Deposit Insurance CorporationGovernment Operations and PoliticsGovernment corporationsGovernment publicityGovernment trust fundsGovernmental investigationsIndexing (Economic policy)Individual retirement accountsInsurance premiumsLabor and EmploymentLawLegislationNational Credit Union AdministrationPension fundsSavings and loan associations
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 29, 2003
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 29, 2003
Introduced in Senate
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 Latest action January 29, 2003

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service
Safe and Fair Deposit Insurance Act of 2003 - Insurance Funds Merger Act of 2003 - Mandates that the Bank Insurance Fund and the Savings Association Insurance Fund be merged into the Deposit Insurance Fund (DIF) established by this Act.

Amends the Federal Deposit Insurance Act (FDIA) to establish the DIF. Mandates that all assessments against insured depository institutions by the Federal Deposit Insurance Corporation (FDIC) be deposited into the DIF.

Authorizes the FDIC to borrow from the Federal home loan banks funds necessary for DIF use.

Deposit Insurance Reform Act of 2003 - Amends the FDIA to: (1) prohibit an undercapitalized insured depository institution from accepting employee benefit plan deposits; (2) increase Federal insurance coverage (including an inflation adjustment); and (3) include retirement accounts and municipal deposits within such coverage.

Requires the FDIC Board of Directors to designate the reserve ratio applicable to the DIF.

Prohibits the Board from modifying its information collection requirements if such modification is done solely to change assessment risk classifications and results in placing greater regulatory or reporting burdens upon an insured depository institution.

Allows credits based upon past contributions to the DIF.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Durbin, Richard J.
Illinois · May 22, 2003
 D
Reed, Jack
Rhode Island · Jan 29, 2003
Cite this page click to expand
APA
U.S. Congress. (2026). S. 229: Safe and Fair Deposit Insurance Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-S-229/
MLA
"S. 229: Safe and Fair Deposit Insurance Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-S-229/.
Bluebook (legal)
S. 229, 108th Cong. (2026), https://openamerica.io/bill/108-S-229/.
Markdown link
[S. 229: Safe and Fair Deposit Insurance Act of 2003](https://openamerica.io/bill/108-S-229/)
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