The Federal Deposit Insurance Reform Act of 2005 (Title II, subtitle B of Pub.L. 109-171, 110 Stat. 9, enacted February 8, 2006, with a companion statute, Federal Deposit Insurance Reform Conforming Amendments Act of 2005, Pub.L. 109-173, 119 Stat. 3601, enacted February 15, 2006), is an act of the United States Congress that regulates banks. It contained a number of changes to the Federal Deposit Insurance Corporation (FDIC).
- It raised the limit on deposit insurance for retirement accounts from $100,000 to $250,000, and indexed the amount to inflation.
- It merged the two deposit insurance funds that the FDIC had been administering separately since the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). FIRREA, among many things, abolished the former Federal Savings and Loan Insurance Corporation (FSLIC), and created a new insurance fund, Savings Association Insurance Fund (SAIF), to be administered by the FDIC. The other longer standing fund that the FDIC was administering was the Bank Insurance Fund (BIF). SAIF and BIF were combined constituting the Depositor Insurance Fund (DIF).
- It provided credits to banks that had paid into the deposit insurance funds in the early 1990s in the aftermath of the savings and loan crisis.
- It requires that the FDIC issue rebates to the banking industry should the level of the deposit insurance fund rise above 1.50% of total insured deposits.
|
Famous quotes containing the words federal, deposit, insurance, reform and/or act:
“The proposed Constitution ... is, in strictness, neither a national nor a federal constitution; but a composition of both.”
—James Madison (1751–1836)
“A real life, a life that leaves a deposit in the shape of something alive.... It’s difficult to say what makes a life a real life.... You could also say it depends on a person being identical with himself.”
—Max Frisch (1911–1991)
“In taking out an insurance policy one pays for it in dollars and cents, always at liberty to discontinue payments. If, however, woman’s premium is a husband, she pays for it with her name, her privacy, her self-respect, her very life, “until death doth part.””
—Emma Goldman (1869–1940)
“The prostitute is the scapegoat for everyone’s sins, and few people care whether she is justly treated or not. Good people have spent thousands of pounds in efforts to reform her, poets have written about her, essayists and orators have made her the subject of some of their most striking rhetoric; perhaps no class of people has been so much abused, and alternatively sentimentalized over as prostitutes have been but one thing they have never yet had, and that is simple legal justice.”
—Alison Neilans. “Justice for the Prostitute—Lady Astor’s Bill,” Equal Rights (September 19, 1925)
“For, truly speaking, whoever provokes me to a good act or thought has given me a pledge of his fidelity to virtue,—he has come under the bonds to adhere to that cause to which we are jointly attached.”
—Ralph Waldo Emerson (1803–1882)