Depositor Protection Act of 2009
The Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to increase from $30 billion to $100 billion the maximum sum that the Federal Deposit Insurance Corporation (FDIC) is authorized to borrow from the Secretary of the Treasury.
Authorizes a temporary increase, through calendar 2010, in such borrowing authority, up to a maximum of $500 billion, if the Secretary of the Treasury, in consultation with the President, determines that additional amounts above $100 billion are necessary, pursuant to the written recommendation of the FDIC Board of Directors and the Board of Governors of the Federal Reserve System (Federal Reserve Board). Requires a two-thirds vote of the members of both the FDIC Board of Directors and the Federal Reserve Board to make such a recommendation.
Requires the FDIC, if its borrowing authority is increased above $100 billion, to report promptly to certain congressional committees the reasons and need for the additional borrowing authority and its intended uses.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2848-2849)