Main Street Depositor Protection Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2999 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2999 To amend the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES October 9, 2025 Mr. Hagerty (for himself and Ms. Alsobrooks) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To amend the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Main Street Depositor Protection Act''. SEC. 2. TRANSACTION ACCOUNT INSURANCE. (a) Depository Institutions.-- (1) In general.--Section 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is amended by striking subparagraph (B) and inserting the following: ``(B) Net amount of insured deposit.-- ``(i) In general.--The net amount due to any depositor at an insured depository institution shall not exceed the sum of-- ``(I) the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E), and (F) and paragraph (3); and ``(II) the net amount under clause (ii). ``(ii) Insurance for noninterest-bearing transaction accounts.-- ``(I) In general.--Except as provided in subclause (III), the Corporation shall insure the net amount, in an amount that is not more than $10,000,000, that any depositor maintains, in the aggregate, in 1 or more noninterest-bearing transaction accounts at an insured depository institution. ``(II) Aggregation.--For the purpose of determ