Federal Deposit Insurance Reform Conforming Amendments Act of 2005
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 109-173.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Federal Deposit Insurance Reform Conforming Amendments Act of 2005 - (Sec. 2) Amends the Federal Deposit Insurance Act (FDIA) to state that: (1) a government depositor is separate and distinct from any other U.S. officer, employee, or agent; and (2) the deposits of a government depositor shall be insured in an amount equal to a specified standard maximum deposit insurance.
Revises guidelines for insurance of trust funds to state that such funds and certain bank deposit financial assistance program funds shall be insured to the standard maximum deposit insurance amount. (The current the insurance maximum is $100,000).
Establishes a fine for violations of signage requirements pertaining to the insurance logo for insured depository institutions and insured credit unions.
Amends the International Banking Act of 1978 to replace the minimum deposit of $100,000 with a standard maximum deposit insurance amount.
Makes conforming changes to the Federal Credit Union Act. Provides coverage for certain employee benefit plan deposits. Directs the National Credit Union Administration Board to provide pass-through share insurance for the deposits or shares of any employee benefit plan.
(Sec. 3) Makes conforming amendments relating to assessments and repeal of special rules relating to minimum assessments and free deposit insurance.
Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 to remove the Board of Governors of the Federal Reserve System from the requirement to consider certain factors in determining the minimum requirements for lifeline accounts at insured depository institutions. (Thus leaves the Federal Deposit Insurance Corporation (FDIC) with the sole responsibility to consider such factors in determining such minimum requirements.)
(Sec. 4) Defines the "designated reserve ratio" as the reserve ratio designated by the FDIC Board of Directors.
(Sec. 5) Requires a report to Congress on refunds, dividends, and credits from the Deposit Insurance Fund (DIF).
(Sec. 6) Directs the Comptroller General to study and report to Congress on: (1) the efficiency and effectiveness of the administration of the prompt corrective action program by federal banking agencies, including their effectiveness in identifying troubled depository institutions and taking effective action with respect to them, and the degree of accuracy of the risk assessments made by the FDIC; and (2) the appropriateness of the FDIC's organizational structure.
The summary continues for 7 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on February 15, 2006. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on February 15, 2006: Became Public Law No: 109-173.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
MICHAEL OXLEY (R-OH) introduced it on December 18, 2005. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law