Bill > HR4551

This bill establishes two key programs to protect business accounts and financial stability. First, it expands deposit insurance for business payment accounts at banks and credit unions, allowing up to $100 million in insurance coverage for accounts primarily used for transactions like payroll and vendor payments. This coverage applies to non-interest or low-interest bearing accounts for businesses, non-profits, and municipalities. Second, the bill creates a Temporary Transaction Account Guarantee Program that can be activated during financial crises, allowing the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) to fully insure transaction accounts for up to 180 days, with a possible 90-day extension. The program can only be implemented if financial regulators and the Treasury Secretary determine that not doing so would seriously harm financial stability. The bill requires detailed data collection, analysis, and congressional oversight, including testimony from regulatory leaders and a Government Accountability Office (GAO) report. Additionally, the program has strict eligibility requirements, such as excluding insolvent institutions, and requires congressional approval for any extension beyond the initial 270-day period. These provisions aim to provide additional financial protection for businesses and create a flexible mechanism to respond to potential economic disruptions.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4551/all-info