Small Business Stability Act

I 118TH CONGRESS 1ST SESSION H. R. 3243 To amend the Federal Deposit Insurance Act to allow the Board of Directors of the Federal Deposit Insurance Corporation to guarantee noninterest- bearing transaction accounts for a certain period, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 11, 2023 Mr. LUETKEMEYER introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Deposit Insurance Act to allow the Board of Directors of the Federal Deposit Insurance Corporation to guarantee noninterest-bearing transaction accounts for a certain period, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Small Business Sta- 4 bility Act’’. 5 VerDate Sep 11 2014 03:20 May 26, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3243.IH H3243 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 3243 IH SEC. 2. FEDERAL DEPOSIT INSURANCE CORPORATION 1 GUARANTEE OF UNINSURED DEPOSITS FOR A 2 CERTAIN PERIOD. 3 Section 13(c)(4) of the Federal Deposit Insurance 4 Act (12 U.S.C. 1823(c)(4)) is amended— 5 (1) in subparagraph (B), by inserting ‘‘and ex- 6 cept as provided in subparagraph (H),’’ after ‘‘ 7 Fund,’’; 8 (2) by redesignating subparagraph (H) as sub- 9 paragraph (I); and 10 (3) by inserting after subparagraph (G) the fol- 11 lowing: 12 ‘‘(H) GUARANTEE OF UNINSURED DEPOS- 13 ITS.—In exercising the authority under this 14 subsection with respect to any insured deposi- 15 tory institution, the Corporation may guarantee 16 deposits in noninterest-bearing transaction ac- 17 counts for a single period not to exceed 60 days 18 without regard for the requirements of subpara- 19 graph (B) if, upon the written recommendation 20 of the Board of Directors (upon a vote of not 21 less than two-thirds of the members of the 22 Board of Directors) and the Board of Gov- 23 ernors of the Federal Reserve System (upon a 24 vote of not less than two-thirds of the members 25 of such Board), the Secretary of the Treasury 26 VerDate Sep 11 2014 03:20 May 26, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3243.IH H3243 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •HR 3243 IH (in consultation with the President) determines 1 that— 2 ‘‘(i) the Corporation’s compliance with 3 subparagraphs (A) and (E) with respect to 4 any insured depository institution for 5 which the Corporation proposes to guar- 6 antee deposits in noninterest-bearing 7 transaction accounts would have serious 8 adverse effects on the stability of the entire 9 banking system; and 10 ‘‘(ii) the Corporation’s proposed guar- 11 antee of deposits in noninterest-bearing 12 transaction accounts would avoid or miti- 13 gate such adverse effects.’’. 14 Æ VerDate Sep 11 2014 03:20 May 26, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3243.IH H3243 pbinns on DSKJLVW7X2PROD with $$_JOB