Employee Paycheck and Small Business Protection Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Employee Paycheck and Small Business Protection Act aims to bolster financial stability by expanding deposit insurance coverage for businesses and credit unions. Specifically, it proposes a temporary transaction account guarantee program offering full insurance up to $100 million per depositor/member, and extends this coverage to business payment accounts. The bill also establishes a framework for data collection and analysis to support these programs, and includes procedures for extending the temporary guarantee program if deemed necessary to prevent financial instability.
Key provisions
- Expands deposit insurance to cover business payment accounts at FDIC-insured institutions up to $100 million per depositor.
- Extends deposit insurance to covered transaction accounts at credit unions up to $100 million per member.
- Creates a temporary transaction account guarantee program offering full insurance for a maximum of 180 days.
- Requires the FDIC and NCUA to collect and analyze data to support the expanded insurance programs.
- Establishes a process for extending the temporary guarantee program with Congressional approval.
- Includes a provision for expedited congressional consideration of joint resolutions related to the temporary guarantee program.
- Defines ‘covered transaction account’ to include business accounts used for regular payments.
- Requires the Secretary of the Treasury to consult with the President when determining whether to implement or extend the temporary guarantee program.
Bill text
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1 on record
Primary sponsor
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