REAFFIRMATION OF SECURITY OF FUNDS DEPOSITED IN FEDERALLY INSURED DEPOSITORY INSTITUTIONS.

SEC. 901. REAFFIRMATION OF SECURITY OF FUNDS DEPOSITED IN FEDERALLY INSURED DEPOSITORY INSTITUTIONS. (a) Findings.— The Congress finds and declares that— (1) since the 1930’s, the American people have relied upon Federal deposit insurance to ensure the safety and security of their funds in federally insured depository institutions; and (2) the safety and security of such funds is an essential element of the American financial system. (b) Sense of Congress.— In view of the findings and declarations contained in subsection (a), it is the sense of the Congress that it should reaffirm that deposits up to the statutorily prescribed amount in federally insured depository institutions are backed by the full faith and credit of the United States.