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PUBLIC LAW 93-495-OCT. 28, 1974
[88 STAT.
amended by striking the semicolon and the word "the" after the words "section 250 of title 28" and inserting in lieu thereof a colon and the following: 'Provided, That expenditures for food, rations, or provisions shall not be deemed payments on the claim. The". Approved October 27, 1974. Public Law 93-495 October 28, 1974 [ H. R. 11221]
AN ACT To increase deposit insurance from $20,000 to $40,000, to provide full insurance for public unit deposits of $100,000 per account, to establish a National Commission on Electronic Fund Transfers, and for other purposes.
Be it enacted by the Senate and House of Representatives Federal deposit United States of America in Congress assembled, insurance, crease.
TITLE I — AMENDMENTS TO AND E X T E N S I O N S O F PROVISIONS OF L A W R E L A T I N G TO FEDERAL R E G U L A TION OF DEPOSITORY INSTITUTIONS F U L L DEPOSIT INSURANCE FOR P U B L I C
12 USC 181 note.
Infra.
Insured ba n k s, public funds in. coverage.
of the
UNITS
SECTION 101. (a) The Federal Deposit Insurance Act is amended— (1) in subsection (m) of section 3 (12 U.S.C. 1813(m)), by inserting immediately after "depositor" in the first sentence the following: "(other than a depositor referred to in the third sentence of this subsection)"; (2) in subsection (i) of section 7 (12 U.S.C. 1817(i)), by striking out "Trust" and inserting in lieu thereof the following: "Except with respect to trust funds which are owned by a depositor referred to in paragraph (2) of section 11(a) of this Act, trust"; and (3) in subsection (a) of section 11 (12 U.S.C. 1821(a)), by inserting " (1) " immediately after " (a) ", by striking out "The" in the last sentence and inserting in lieu thereof the following: "Except as provided in paragraph (2), the", and by inserting at the end of such subsection the following: " (2)(A) Notwithstanding any limitation in this Act or in any other provision of law relating to the amount of deposit insurance available for the account of any one depositor, in the case of a depositor who is— "(i) an officer, employee, or agent of the United States having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured bank; "(ii) an officer, employee, or agent of any State of the United States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured bank in such State; "(iii) an officer, employee, or agent of the District of Columbia having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured bank in the District of Columbia; or "(iv) an officer, employee, or agent of the Commonwealth of Puerto Rico, of the Virgin Islands, of American Samoa, or of Guam, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in a.n insured bank in the Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, or Guam, respectively;
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