Senators Angela Alsobrooks (D-Md.), Bill Hagerty (R-Tenn.), Catherine Cortez Masto (D-Nev.), Jim Banks (R-Ind.), Ruben Gallego (D-Ariz.), and Cindy Hyde-Smith (R-Miss.) introduced the Main Street Depositor Protection Act. This bipartisan legislation would require a data-driven process to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions.
Introduce and support legislation to require a data-driven process to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions.
Occurrences
United States Senators Bill Hagerty (R-TN) and Angela Alsobrooks (D-MD), along with Senators Jim Banks (R-IN), Catherine Cortez Masto (D-NV), Cindy Hyde-Smith (R-MS), and Ruben Gallego (D-AZ), reintroduced the updated, bipartisan Main Street Depositor Protection Act, legislation that expands deposit insurance coverage for noninterest-bearing transaction accounts.
Evidence
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As reported in Semafor, Senators Angela Alsobrooks (D-Md.), Bill Hagerty (R-Tenn.), Catherine Cortez Masto (D-Nev.), Jim Banks (R-Ind.), Ruben Gallego (D-Ariz.), and Cindy Hyde-Smith (R-Miss.) introduced the Main Street Depositor Protection Act.
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Today, United States Senators Bill Hagerty (R-TN) and Angela Alsobrooks (D-MD), along with Senators Jim Banks (R-IN), Catherine Cortez Masto (D-NV), Cindy Hyde-Smith (R-MS), and Ruben Gallego (D-AZ), reintroduced the updated, bipartisan Main Street Depositor Protection Act, legislation that expands deposit insurance coverage for noninterest-bearing transaction accounts.
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Senator Ruben Gallego co-introduced the updated Main Street Depositor Protection Act to expand deposit insurance coverage for business checking accounts.
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Senator Ruben Gallego co-introduced the Main Street Depositor Protection Act, aiming to increase deposit insurance coverage for business checking accounts.
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the bill would "require a data driven process to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions."
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Bill text requires the FDIC and NCUA to publish (within 1 year of enactment) a plan to gradually increase coverage for noninterest-bearing transaction accounts over a 10-year transition.
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The statutory text of S.2999 amends the Federal Deposit Insurance Act and the Federal Credit Union Act and requires the FDIC and NCUA to publish, within a specified timeframe after enactment, a multiyear implementation plan to include noninterest-bearing transaction accounts in insurance determinations and to phase in increased coverage (a 10-year transition is specified in the bill language).
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Senator Ruben Gallego co-introduced the Main Street Depositor Protection Act (announced March 25, 2026), and the release describes the bill's purpose to raise deposit insurance coverage for non-interest-bearing transaction (payroll/business checking) accounts and directs agencies to adopt a plan to implement expanded coverage.
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Tracker: Tip | This bill has the status Introduced. Latest Action: Senate - 02/05/2026 Committee on Banking, Housing, and Urban Affairs. Hearings held.
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The bill text requires the FDIC and NCUA to implement a plan for noninterest-bearing transaction accounts and includes a phased process for increasing deposit insurance coverage.
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Senators Ruben Gallego ... introduced the Main Street Depositor Protection Act to raise deposit insurance coverage for non-interest bearing transaction accounts ... at eligible banks and credit unions.
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Gallego joined bipartisan colleagues to introduce the Main Street Depositor Protection Act and said it would require a data driven process to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions.
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Congress.gov lists S.2999 as Introduced, with the latest action being a Senate Banking Committee hearing held on 2026-02-05.
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Mr. Hagerty (for himself, Ms. Alsobrooks, Mr. Banks, Ms. Cortez Masto, Mrs. Hyde-Smith, Mr. Gallego, and Mr. Wicker) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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The Corporation shall issue a rule to establish the maximum amount for insurance described in subclause (I), which shall be in an amount that is— ‘‘(aa) not less than the standard maximum deposit insurance amount on the date such rule is issued; ‘‘(bb) not more than $5,000,000; and ‘‘(cc) based on considerations of enhancing the financial stability of the banking system, promoting economic growth, and providing for the safety of the Deposit Insurance Fund.
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the Corporation shall issue a rule to establish the maximum amount for insurance described in subclause (I), which shall be in an amount that is-- not less than the standard maximum deposit insurance amount on the date such rule is issued; not more than $5,000,000; and based on considerations of enhancing the financial stability of the banking system, promoting economic growth, and providing for the safety of the Deposit Insurance Fund.
Assessments
Gallego co-introduced and publicly backed the Main Street Depositor Protection Act during his Senate term. The bill text matches the promise’s substance by requiring a data-driven, phased process to raise deposit insurance coverage for noninterest-bearing transaction/business checking accounts at banks and credit unions. Although the bill was not enacted, the promise was to introduce and support the legislation, which he did.
The promise was to introduce and support legislation requiring a data-driven process to increase deposit insurance coverage for business checking accounts at most banks and credit unions. In the 119th Congress, Senator Ruben Gallego co-introduced the Main Street Depositor Protection Act, and the bill text directs the FDIC and NCUA to develop and implement a phased plan for expanded coverage of noninterest-bearing transaction accounts at eligible banks and credit unions. Because the promised action was introduction and support of legislation, not enactment, the bill's introduced status does not prevent fulfillment.
Ruben Gallego co-introduced the Main Street Depositor Protection Act, and the bill text requires the FDIC and NCUA to create a multiyear, phased plan to increase deposit insurance coverage for noninterest-bearing transaction accounts at banks and credit unions. That matches the promise to introduce and support legislation for a data-driven process to raise coverage levels for business checking accounts.
Sen. Ruben Gallego co‑introduced the Main Street Depositor Protection Act (S.2999) and press releases (Mar 25, 2026) and the bill text show the legislation would require the FDIC and NCUA to publish a multiyear, agency-driven plan to include noninterest-bearing transaction (business checking) accounts in insurance determinations and phase in increased coverage (specified 10‑year transition). This matches the promise to introduce and support legislation requiring a data‑driven process to raise deposit insurance for business checking accounts.
Sen. Ruben Gallego co-introduced the bipartisan Main Street Depositor Protection Act (S.2999) which, per bill text, amends the FDIA and FCU Act and requires the FDIC and NCUA to publish (within one year of enactment) a multiyear implementation plan to gradually increase insurance coverage for noninterest-bearing transaction (business checking) accounts over a 10-year transition. This statutory requirement for an agency plan to raise coverage matches the promise to introduce and support legislation requiring a data-driven process to increase deposit insurance for business accounts.
Multiple credible sources confirm that Senator Ruben Gallego co-introduced the Main Street Depositor Protection Act during the same term, which is direct evidence of him both introducing and supporting legislation to increase deposit insurance coverage for business checking accounts, fulfilling the campaign promise as stated.
Multiple credible sources confirm that Senator Ruben Gallego co-introduced and supported the Main Street Depositor Protection Act, legislation specifically aimed at increasing deposit insurance coverage levels for business checking accounts at most banks and credit unions. This action aligns precisely with the campaign promise. The evidence demonstrates clear, documented legislative action within the same term.