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S 541 IS
111th CONGRESS
1st Session
S. 541
To increase the borrowing authority of the Federal Deposit Insurance Corporation, and for other purposes.
IN THE SENATE OF THE UNITED STATES
March 5, 2009
Mr. DODD (for himself, Mr. CRAPO, Mr. AKAKA, Mr. BROWN, Mr. CORKER, Mr. BOND, and Mr. ISAKSON) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To increase the borrowing authority of the Federal Deposit Insurance Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. INCREASED BORROWING AUTHORITY OF THE FEDERAL DEPOSIT INSURANCE CORPORATION.
Section 14(a) of the Federal Deposit Insurance Act (12 U.S.C. 1824(a)) is amended--
(1) by striking ‘$30,000,000,000’ and inserting ‘$100,000,000,000’;
(2) by striking ‘The Corporation is authorized’ and inserting the following:
‘(1) IN GENERAL- The Corporation is authorized’;
(3) by striking ‘There are hereby’ and inserting the following:
‘(2) FUNDING- There are hereby’; and
(4) by adding at the end the following:
‘(3) TEMPORARY INCREASES AUTHORIZED-
‘(A) RECOMMENDATIONS FOR INCREASE- During the period beginning on the date of enactment of this paragraph and ending on December 31, 2010, if, upon the written recommendation of the Board of Directors (upon a vote of not less than two-thirds of the members of the Board of Directors) and the Board of Governors of the Federal Reserve System (upon a vote of not less than two-thirds of the members of such Board), the Secretary of the Treasury (in consultation with the President) determines that additional amounts above the $100,000,000,000 amount specified in paragraph (1) are necessary, such amount shall be increased to the amount so determined to be necessary, not to exceed $500,000,000,000.
‘(B) REPORT REQUIRED- If the borrowing authority of the Corporation is increased above $100,000,000,000 pursuant to subparagraph (A), the Corporation shall promptly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives describing the reasons and need for the additional borrowing authority and its intended uses.’.
U.S. Congress - Text of S.541 as Introduced in Senate Depositor Protection Act of 2009
