Federal Deposit Insurance Reform Act
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Federal Deposit Insurance Reform Act
The Federal Deposit Insurance Reform Act of 2005 (Title II, subtitle B of , with a companion statute, Federal Deposit Insurance Reform Conforming Amendments Act of 2005, ), was an act of the United States Congress on banking regulation. 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 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 administered by the FDIC was the Bank Insurance Fund (BIF). SAIF and BIF were combined into the Depositor Insurance Fund (DIF). * It prov ...
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United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ...
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