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S 229 108th Congress Senate Finance and Financial Sector Administrative procedure Bank capital Bank deposits Commerce Congress Congressional reporting requirements Credit unions Deposit insurance Economics and Public Finance Employee benefit plans Federal Deposit Insurance Corporation Government Operations and Politics Government corporations Government publicity Government trust funds Governmental investigations Indexing (Economic policy) Individual retirement accounts Insurance premiums

Safe and Fair Deposit Insurance Act of 2003

Introduced: January 29, 2003 See on congress.gov
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 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
 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.

What's happening now January 29, 2003

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

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2