H.R. 8075

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8075 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 8075

To authorize the Secretary of the Treasury to direct the Federal 
Deposit Insurance Corporation and the National Credit Union 
Administration to establish emergency transaction account guarantee 
programs, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 25, 2026

Mr. Barr introduced the following bill; which was referred to the 
Committee on Financial Services

_______________________________________________________________________

A BILL

To authorize the Secretary of the Treasury to direct the Federal 
Deposit Insurance Corporation and the National Credit Union 
Administration to establish emergency transaction account guarantee 
programs, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EMERGENCY TAG PROGRAM AUTHORITY.

(a) Insured Depository Institutions.--Section 13 of the Federal 
Deposit Insurance Act (12 U.S.C. 1823) is amended by adding at the end 
the following:
``(l) Emergency TAG Program Authority.--
``(1) In general.--After a determination by the Secretary 
of the Treasury under paragraph (2), and subject to the limits 
in paragraph (3), the Board of Directors may establish an 
emergency transaction account guarantee program under which the 
Corporation fully insures the deposits of all insured 
depository institutions that are maintained in non-interest-
bearing transaction accounts.
``(2) Banking stress event determination.--The Board of 
Directors may establish a program under paragraph (1) only if--
``(A) the Secretary of the Treasury, in 
consultation with the President, determines that--
``(i) a banking stress event exists that 
presents serious adverse effects on economic 
conditions or the stability of the banking 
system; and
``(ii) use of the program authorized under 
this subsection would avoid or mitigate such 
adverse effects; and
``(B) the Secretary of the Treasury gives immediate 
notice of such determination to the Board of Directors 
and the Board of Governors of the Federal Reserve 
System.
``(3) Program limitations.--
``(A) Limitation on size.--
``(i) In general.--Before the Corporation 
insures any deposits pursuant to a program 
established under paragraph (1), the Secretary 
of the Treasury shall, in consultation with the 
President, determine the maximum amount of 
costs that the Deposit Insurance Fund may incur 
under the program.
``(ii) Increase.--Notwithstanding clause 
(i), the maximum amount of costs for a program 
established under paragraph (1) may be 
increased, if--
``(I) such increase is approved in 
the same manner as a program 
established under paragraph (1); and
``(II) the Secretary of the 
Treasury issues a report to the 
Congress containing data and analysis 
justifying the increase.
``(B) Limitation on duration.--
``(i) In general.--The Corporation shall 
terminate each program established under 
paragraph (1) no later than the date that is 6 
months after the date of commencement of the 
program.
``(ii) Extension.--Notwithstanding clause 
(i), the termination date for a program 
established under paragraph (1) may be extended 
one time for an additional 3-month period, if--
``(I) such extension is approved in 
the same manner as a program 
established under paragraph (1); and
``(II) the Secretary of the 
Treasury issues a report to the 
Congress containing data and analysis 
justifying the extension.
``(4) Testimony to congress.--Not later than 30 days after 
a program is established under paragraph (1), the Secretary of 
the Treasury shall testify before the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate with respect 
to the program.
``(5) GAO review.--Not later than 90 days after the 
termination of a program established under paragraph (1), the 
Comptroller General of the United States shall review the 
program and issue a report to the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate containing 
all findings and determinations made in carrying out such 
review.
``(6) Repayment of loss.--
``(A) In general.--The Corporation shall recover 
any loss to the Deposit Insurance Fund arising from any 
program established under paragraph (1) from 1 or more 
special assessments on insured depository institutions, 
depository institution holding companies (except that a 
special assessment on a depository institution holding 
company shall require the concurrence of the Secretary 
of the Treasury), or both, as the Corporation 
determines to be appropriate.
``(B) Rule of application.--For purposes of this 
paragraph, sections 7(c)(2) and 18(h) shall apply to 
depository institution holding companies as if they 
were insured depository institutions.
``(7) Rulemaking.--The Corporation may issue such rules as 
the Corporation determines to be appropriate to carry out the 
provisions of this subsection.
``(8) Definitions.--In this subsection:
``(A) Banking stress event.--The term `banking 
stress event' means an exceptional and broad reduction 
in the stability of deposits at insured depository 
institutions.
``(B) Non-interest-bearing transaction account.--
The term `non-interest-bearing transaction account' 
means a transaction account that--
``(i) is non-interest-bearing; or
``(ii) pays a de minimis amount of 
interest, as established by the Corporation.
``(C) Transaction account.--The term `transaction 
account' means a deposit or account from which the 
depositor or account holder is permitted to make 
transfers or withdrawals by negotiable or transferable 
instrument, payment order of withdrawal, telephone 
transfer, or other similar device for the purpose of 
making payments or transfers to third persons or others 
or from which the depositor or account holder may make 
third-party payments at an automated teller machine or 
a remote service unit, or other electronic device, 
including by debit card, and includes such other 
deposits or accounts maintained at an insured 
depository institution that the Corporation may 
determine consistent with this definition.''.
(b) Insured Credit Unions.--Section 207(k) of the Federal Credit 
Union Act (12 U.S.C. 1787(k)) is amended by adding at the end the 
following:
``(7) Emergency tag program authority.--
``(A) In general.--After a determination by the 
Secretary of the Treasury under subparagraph (B), and 
subject to the limits in subparagraph (C), the Board 
may establish an emergency transaction account 
guarantee program under which the Administration fully 
insures the deposits and shares of all insured credit 
unions that are maintained in non-interest-bearing 
transaction accounts.
``(B) Credit union stress event determination.--The 
Board may establish a program under subparagraph (A) 
only if--
``(i) the Secretary of the Treasury, in 
consultation with the President, determines 
that--
``(I) a credit union stress event 
exists that presents serious adverse 
effects on economic conditions or the 
stability of the credit union system; 
and
``(II) use of the program 
authorized under this subsection would 
avoid or mitigate such adverse effects; 
and
``(ii) the Secretary of the Treasury gives 
immediate notice of such determination to the 
Board and the Board of Governors of the Federal 
Reserve System.
``(C) Program limitations.--
``(i) Limitation on size.--
``(I) In general.--Before the Board 
insures any deposits or shares pursuant 
to a program established under 
subparagraph (A), the Secretary of the 
Treasury shall, in consultation with 
the President, determine the maximum 
amount of costs that the National 
Credit Union Share Insurance Fund may 
incur under the program.
``(II) Increase.--Notwithstanding 
subclause (I), the maximum amount of 
costs for a program established under 
subparagraph (A) may be increased, if--
``(aa) such increase is 
approved in the same manner as 
a program established under 
subparagraph (A); and
``(bb) the Secretary of the 
Treasury issues a report to the 
Congress containing data and 
analysis justifying the 
increase.
``(ii) Limitation on duration.--
``(I) In general.--The Board shall 
terminate each program the Board 
establishes under subparagraph (A) no 
later than the date that is 6 months 
after the date of commencement of the 
program.
``(II) Extension.--Notwithstanding 
subclause (I), the termination date for 
a program established under 
subparagraph (A) may be extended one 
time for an additional 3-month period, 
if--
``(aa) such extension is 
approved in the same manner as 
a program established under 
subparagraph (A); and
``(bb) the Secretary of the 
Treasury issues a report to the 
Congress containing data and 
analysis justifying the 
extension.
``(D) Testimony to congress.--Not later than 30 
days after a program is established under subparagraph 
(A), the Secretary of the Treasury shall testify before 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate with respect to the 
program.
``(E) GAO review.--Not later than 90 days after the 
termination of a program established under subparagraph 
(A), the Comptroller General of the United States shall 
review the program and issue a report to the Committee 
on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate containing all findings and 
determinations made in carrying out such review.
``(F) Repayment of loss.--The Board shall recover 
any loss to the National Credit Union Share Insurance 
Fund arising from any program established under 
subparagraph (A) from 1 or more special assessments on 
insured credit unions.
``(G) Rulemaking.--The Board may issue such rules 
as the Board determines to be appropriate to carry out 
the provisions of this subsection.
``(H) Definitions.--In this paragraph:
``(i) Credit union stress event.--The term 
`credit union stress event' means an 
exceptional and broad reduction in the 
stability of shares and deposits at insured 
credit unions.
``(ii) Non-interest-bearing transaction 
account.--The term `non-interest-bearing 
transaction account' means a transaction 
account that--
``(I) does not pay a dividend; or
``(II) pays a de minimis dividend, 
as established by the Board.
``(iii) Transaction account.--The term 
`transaction account' means a deposit, share, 
or account from which the depositor or account 
holder is permitted to make transfers or 
withdrawals by negotiable or transferable 
instrument, payment order of withdrawal, 
telephone transfer, or other similar device for 
the purpose of making payments or transfers to 
third persons or others or from which the 
depositor or account holder may make third-
party payments at an automated teller machine 
or a remote service unit, or other electronic 
device, including by debit card, and includes 
such other deposits or accounts maintained at 
an insured credit union that the Board may 
determine consistent with this definition.''.
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