H.R. 6398: To require the Federal Deposit Insurance Corporation to fully insure Interest on Lawyers Trust Accounts

H.R. 6398

To require the Federal Deposit Insurance Corporation to fully insure Interest on Lawyers Trust Accounts

Sponsor
Rep. Lloyd Doggett

Date
November 30, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

H.R. 6398 is expected to be considered on the floor of the House on Tuesday, November 30, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage.  H.R. 6398 was introduced on Nov 15, 2010 by Rep. Lloyd Doggett (D-TX) and referred to the Committee on Financial Services.

Bill Summary

H.R. 6398 would modify the Federal Deposit Insurance Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to require the Federal Deposit Insurance Corporation (FDIC) to insure trust accounts established by an attorney or law firm on behalf of a client.

Cost

There is no CBO cost estimate for this legislation.