SB2403: Payroll Account Guarantee Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Federal Deposit Insurance Act to provide for the insurance of transaction accounts, and for other purposes.
Plain-language summary
This bill would change federal deposit insurance rules for business payroll accounts. Currently, the Federal Deposit Insurance Corporation (FDIC) insures most deposits up to $250,000 per person per bank. The bill aims to guarantee payroll accounts—accounts used by employers to pay workers—with different or expanded insurance coverage. The bill was introduced in 2023 by Senator J.D. Vance and remains in the introductory stage in Congress.
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SB2403: Payroll Account Guarantee Act of 2023