To amend the Federal Deposit Insurance Act to permit an insured depository institution to elect to have a higher standard maximum deposit insurance amount applicable to commercial deposits of the institution and to require higher assessments of such an institution, to amend the Federal Credit Union Act to provide a similar program for insured credit unions, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Federal Deposit Insurance Act to permit an insured depository institution to elect to have a higher standard maximum deposit insurance amount applicable to commercial deposits of the institution and to require higher assessments of such an institution, to amend the Federal Credit Union Act to provide a similar program for insured credit unions, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Labor.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H5A80FBB0A370481A89A46BE48B41CC02: 1. Short title This Act may be cited as the Deposit Insurance Reform Act of 2023.
- Section H493B832B1ACC45DB9868DA64EE01CFC3: 2. Election of higher standard maximum deposit insurance amount for commercial deposits Section 11 of the Federal Deposit Insurance Act (12 U.S.C. 1821) is...
- Section H9223D827C5274ED9BB5646646C051EE0: 3. Election of higher standard maximum share insurance amount for commercial deposits Section 207(k) of the Federal Credit Union Act (12 U.S.C. 1787(k)) is...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Federal Deposit Insurance Act to permit an insured depository institution to elect to have a higher standard maximum deposit insurance amount applicable to commercial deposits of the institution and to require higher assessments of such an institution, to amend the Federal Credit Union Act to provide a similar program for insured credit unions, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Labor
Primary Purpose
This bill, To amend the Federal Deposit Insurance Act to permit an insured depository institution to elect to have a higher standard maximum deposit insurance amount applicable to commercial deposits of the institution and to require higher assessments of such an institution, to amend the Federal Credit Union Act to provide a similar program for insured credit unions, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Legislative Progress
IntroducedMr. Schiff introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology