Federal Deposit Insurance Reform Act of 2005
Sponsor: SPENCER BACHUS (R-AL)
Federal Deposit Insurance Reform Act of 2005 - Amends the Federal Deposit Insurance Act (FDIA) to merge the Bank Insurance Fund and the Savings Association Insurance Fund into the Deposit Insurance Fund (DIF). (Sec. 3) Amends the FDIA and the Federal Credit Union Act to: (1) increase the standard maximum amount of deposit insurance coverage from $100,000 to $130,000, coupled with a five-year cost-of-living adjustment index; (2) require the Federal Deposit Insurance Corporation (FDIC) to provide pass-through deposit insurance for the deposits of any employee benefit plan (except for an insured depository institution that is neither well capitalized nor adequately capitalized, which may not accept such deposits); (3) double to $260,000 the standard maximum deposit insurance for certain retirement accounts; and (4) increase the maximum amount of deposit insurance coverage for in-State municipal deposits according to a specified formula, but to no more than $2 million. (Sec. 4) Amends the FDIA to replace assessment guidelines for achieving and maintaining a designated reserve ratio (DRR) and for independent treatment of deposit insurance funds.
Finance and Financial Sector Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 2.8% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Yea | Won | 413 | 94.8% |
| Nay | Lost | 10 | 2.4% |
| Not represented on this question | No position taken | 0 | 2.8% |