CONGRESSWOMAN ELISE STEFANIK
The House is expected to consider H.R. 3330, on the House floor on Wednesday, July 29, 2009, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. This legislation was introduced by Rep. Steve Driehaus (D-OH) on July 24, 2009.
H.R. 3330 amends the Federal Deposit Insurance Act and the Federal Credit Union Act with the stated intent to provide more effective reviews of losses in the Deposit Insurance Fund and the Share Insurance Fund by the Inspectors Generals of the several Federal banking agencies and the National Credit Union Administration Board. Specifically, the bill would amend the definitions of "material loss." For the Federal Insurance Fund, a material loss would be any estimated loss in excess of $200,000,000. For the Share Insurance Fund, a material loss would be any estimated loss in excess of 25,000,000 and an amount equal to 10 percent of the total assets of the credit union.
Also, the bill would require a semiannual report to Congress regarding the Inspector General's determination of loss estimates.
Lastly, GAO would be required to issue a report regarding compliance of Section 8L of the Inspector General Act of 1978.
A CBO cost estimate of H.R. 3330 is not yet available.