increased ceiling on deposit insurance: federal deposit insurance corporation

increased ceiling on deposit insurance: federal deposit insurance corporation Sec. 102. (a) The following provisions of the Federal Deposit Insurance Act are amended by striking out “$20,000” each place it appears therein and inserting in lieu thereof “$40,000”: (1) The first sentence of section 3(m)(12 U.S.C. 1813(m)). (2) The first sentence of section 7(i)(12 U.S.C. 1817(i)). (3) The last sentence of section 11(a)(12 U.S.C. 1821 (a)). (4) The fifth sentence of section 11 (i)(12 U.S.C. 1821(i)). (b) The amendments made by this section are not applicable to any claim arising out of the closing of a bank prior to the effective date of this section. (c) The amendments made by this section shall take effect on the thirtieth day beginning after the date of enactment of this Act.