H.R. 5511 · 111th Congress
Transaction Account Guarantee Program Act of 2010
- Stage
- In committee
- Sponsor
- Jim Marshall
- Introduced
- 2010-06-10
- Latest action
- 2010-06-10 · Introduced in House
Summary
Transaction Account Guarantee Program Act of 2010 - Amends the Federal Deposit Insurance Act to establish the Transaction Account Guarantee (TAG) Program to provide a full guarantee for funds held in noninterest-bearing transaction accounts of insured depository institutions participating in the TAG Program.
Requires an insured depository institution that wishes to participate in the TAG Program to submit an application to the Federal Deposit Insurance Corporation (FDIC). Allows an insured depository institution to opt-out of the TAG Program.
Directs the FDIC to levy assessments on those insured depository institutions participating in the TAG Program.