Growing Deposit Insurance for the Future Act

Progress

Timeline

• Mar 25Referred to the House Committee on Financial Services.

Summary

**What it does:** This bill would update how deposit insurance limits are adjusted for inflation. Currently, the Federal Deposit Insurance Corporation (FDIC) protects bank deposits up to $250,000 per account, and similar limits apply to credit union share insurance. **Who it affects:** Anyone with money in FDIC-insured banks or federally-insured credit unions - which includes most Americans with checking accounts, savings accounts, or certificates of deposit. **What would change:** The bill would modify how these insurance limits increase over time to keep pace with inflation. This could mean higher coverage limits in the future, potentially protecting more of people's money if their bank or credit union fails. The exact new limits would depend on the specific inflation adjustment formula the bill establishes. **Current status:** The bill is still being reviewed in congressional committee and has not yet been voted on by the full House of Representatives.

How This Affects You