S 2999

The Main Street Depositor Protection Act expands federal deposit insurance to include noninterest-bearing transaction accounts held at banks and credit unions. Currently, deposit insurance primarily covers interest-bearing accounts. This bill would allow depositors to be insured up to $10,000,000 in these accounts, with certain exclusions for large financial institutions and branches of foreign banks. The legislation also establishes a transition period for gradually increasing the scope of insurance coverage over a 10-year period.