H.R. 7228, The Main Street Protection Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

Version saved on December 15, 2008, 19:30:39, by webmaster:

H.R. 7228 would provide an unlimited amount of insurance on accounts insured by the Federal Deposit Insurance Act and to authorize the Secretary of the Treasury to provide unlimited protection of principal in money market funds through the Treasury's exchange stabilization fund.

Detailed Summary

Main Street Protection Act of 2008 - Requires the Federal Deposit Insurance Corporation (FDIC) to insure deposits under the Federal Deposit Insurance Act without regard to the amount on deposit in any account or the amount of the deposits of any customer.

Directs the Secretary of the Treasury to establish a program for insuring the principal amounts on deposit in any money market account using the U.S. Treasury stabilization fund without limitation on the amount insured in any such account. Authorizes the Secretary to make appropriate assessments against the institution holding such accounts to cover the cost of providing such insurance.

Status of the Legislation

Latest Major Action: 9/29/2008: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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