United States Senators Bill Hagerty (R-TN) and Angela Alsobrooks (D-MD), along with Senators Jim Banks (R-IN), Catherine Cortez Masto (D-NV), and others reintroduced the Main Street Depositor Protection Act.
Reintroduce and advance the Main Street Depositor Protection Act to protect community banks and their depositors.
Occurrences
The Main Street Depositor Protection Act would raise the deposit insurance coverage limits for noninterest-bearing transaction accounts from $250,000 to $5 million for certain banks and credit unions. The legislation was reintroduced in the Senate by Sens. Angela Alsobrooks (D-Md.), Bill Hagerty (R-Tenn.) and others...
Representative Frank D. Lucas (R-OK-03) and Senator Bill Hagerty (R-TN) recently introduced the Main Street Depositor Protection Act, a bipartisan bill aimed at strengthening the financial stability of the banking system and promoting economic growth. The bill would direct the Federal Deposit Insurance Commission and National Credit Union Administration to issue a rule modernizing the standard maximum deposit insurance amount up to $5 million for noninterest-bearing transaction accounts.
Mr. Hagerty (for himself, Ms. Alsobrooks, Mr. Banks, Ms. Cortez Masto, Mrs. Hyde-Smith, Mr. Gallego, and Mr. Wicker) introduced the following bill... Main Street Depositor Protection Act... To amend the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts, and for other purposes.
On March 25, 2026, Senators Angela Alsobrooks and Bill Hagerty introduced the Main Street Depositor Protection Act, aiming to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions.
The Main Street Depositor Protection Act would raise the deposit insurance coverage limits for noninterest-bearing transaction accounts from $250,000 to $5 million for certain banks and credit unions. The legislation was reintroduced in the Senate by Sens. Angela Alsobrooks (D-Md.), Bill Hagerty (R-Tenn.) and others...
On March 25, 2026, Senators Bill Hagerty and Angela Alsobrooks, along with other colleagues, reintroduced the updated, bipartisan Main Street Depositor Protection Act. The legislation aims to expand deposit insurance coverage for noninterest-bearing transaction accounts, directing the FDIC to set a new cap between $250,000 and $5 million for such accounts at eligible banks and credit unions.
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 Bill Number S. 4198 Short Title Main Street Depositor Protection Act Full Title To amend the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts, and for other purposes.
Senators Angela Alsobrooks and Bill Hagerty introduced the Main Street Depositor Protection Act, aiming to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions. The bipartisan legislation seeks to protect small businesses and strengthen the financial system.
Evidence
On March 25, 2026, Senators Bill Hagerty and Angela Alsobrooks, along with other colleagues, reintroduced the updated, bipartisan Main Street Depositor Protection Act. The legislation aims to expand deposit insurance coverage for noninterest-bearing transaction accounts, directing the FDIC to set a new cap between $250,000 and $5 million for such accounts at eligible banks and credit unions.
On March 25, 2026, lawmakers in the House and Senate announced the introduction of four bills to revise the deposit insurance framework, focusing on noninterest-bearing transaction accounts. The Main Street Depositor Protection Act, reintroduced by Senators Alsobrooks and Hagerty, proposes raising the deposit insurance coverage limits for such accounts from $250,000 to $5 million for certain banks and credit unions.
On March 25, 2026, Senators Angela Alsobrooks and Bill Hagerty introduced the Main Street Depositor Protection Act, aiming to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions. The bipartisan legislation seeks to protect small businesses and strengthen the financial system.
On April 1, 2026, lawmakers in the House and Senate announced the introduction of four bills to revise the deposit insurance framework, focusing on noninterest-bearing transaction accounts. The Main Street Depositor Protection Act, reintroduced by Senators Alsobrooks and Hagerty, proposes raising the deposit insurance coverage limits for such accounts from $250,000 to $5 million for certain banks and credit unions.
On March 31, 2026, Representative Frank D. Lucas and Senator Bill Hagerty introduced the Main Street Depositor Protection Act, a bipartisan bill aimed at strengthening the financial stability of the banking system and promoting economic growth. The bill directs the FDIC and NCUA to issue a rule modernizing the standard maximum deposit insurance amount up to $5 million for noninterest-bearing transaction accounts.
On March 25, 2026, Senators Bill Hagerty and Angela Alsobrooks, along with other colleagues, reintroduced the updated, bipartisan Main Street Depositor Protection Act, aiming to expand deposit insurance coverage for noninterest-bearing transaction accounts.
On March 25, 2026, Senators Alsobrooks and Hagerty introduced the Main Street Depositor Protection Act, a bipartisan bill to allow the FDIC to raise its cap on deposit insurance.
On March 26, 2026, Senators Cortez Masto, Alsobrooks, and Hagerty introduced the Main Street Depositor Protection Act to allow the FDIC to raise its cap on deposit insurance.
On October 9, 2025, Senator Hagerty introduced S.2999, the Main Street Depositor Protection Act, which was referred to the Committee on Banking, Housing, and Urban Affairs.
On February 5, 2026, the Committee on Banking, Housing, and Urban Affairs held hearings on S.2999, the Main Street Depositor Protection Act.
Congress.gov shows the bill’s latest action as Senate committee action on 02/05/2026, with the bill remaining at the introduced stage and referred to the Committee on Banking, Housing, and Urban Affairs.
Senator Hagerty’s office states that on March 25, 2026, he and colleagues reintroduced the updated bipartisan Main Street Depositor Protection Act to expand deposit insurance coverage for noninterest-bearing transaction accounts.
Congress.gov identifies S.2999 as the Main Street Depositor Protection Act. It lists Senator Bill Hagerty as sponsor, introduced October 9, 2025, with Senator Alsobrooks as an original cosponsor, and says the bill was read twice and referred to the Senate Banking, Housing, and Urban Affairs Committee.
The introduced text of S.2999 states that the act would amend the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts. The bill text would extend coverage for such accounts at insured depository institutions and credit unions, with special treatment for smaller institutions.
Congress.gov’s bill overview for S.2999 lists a February 5, 2026 Senate Banking, Housing, and Urban Affairs committee meeting and latest action stating that hearings were held, while the tracker still shows the bill at the Introduced step, before passage by either chamber or enactment.
Senator Hagerty’s official office announced on March 25, 2026 that Hagerty, Alsobrooks, Banks, Cortez Masto, Hyde-Smith, and Gallego reintroduced an updated bipartisan Main Street Depositor Protection Act to expand deposit insurance coverage for noninterest-bearing transaction accounts. The release says the FDIC would set a new cap between $250,000 and $5 million for eligible banks and credit unions.
Senator Alsobrooks’s official release says Senators Angela Alsobrooks, Bill Hagerty, Catherine Cortez Masto, Jim Banks, Ruben Gallego, and Cindy Hyde-Smith introduced the Main Street Depositor Protection Act. It describes the bill as a bipartisan measure to raise deposit insurance coverage for business checking accounts at most banks and credit unions.
Senator Cortez Masto’s official release states that Cortez Masto, Alsobrooks, Hagerty, Banks, Gallego, and Hyde-Smith introduced the Main Street Depositor Protection Act, described as bipartisan legislation allowing the FDIC to raise its deposit-insurance cap. The release includes Hagerty’s statement tying the bill to regional and community banks.
Assessments
Hagerty materially acted on the promise in his federal office: he sponsored S.2999, the Main Street Depositor Protection Act, in the 119th Congress on October 9, 2025, and his office and other Senate offices announced a bipartisan updated reintroduction in March 2026. The bill matches the promised subject, expanding deposit insurance for noninterest-bearing transaction accounts to protect community banks and depositors. However, the federal bill had not passed either chamber or become law; Congress.gov still showed it at the introduced/referred stage. That supports credit for reintroduction and legislative effort, but not full delivery of depositor protections.
Hagerty materially acted on the promise in his current Senate term by introducing S.2999 on October 9, 2025, and then reintroducing an updated bipartisan Main Street Depositor Protection Act on March 25, 2026. The bill also received committee-level action, including a Banking Committee hearing on February 5, 2026, so there was some advancement beyond simple rhetoric. But the evidence shows the measure remained at the introduced/committee stage and was not enacted or advanced far enough to count as full delivery of the promised policy outcome. That supports partial credit rather than delivered.
As a sitting U.S. senator, Hagerty can claim credit for legislative actions he personally sponsors or materially advances. He did complete the reintroduction part of the promise: Congress.gov lists Hagerty as sponsor of S.2999, the Main Street Depositor Protection Act, introduced on October 9, 2025, and his office announced an updated bipartisan reintroduction on March 25, 2026. But the bill had not passed the Senate or House and had not become law as of June 14, 2026; Congress.gov still showed it at introduced status. That means he fulfilled part of the promise by reintroducing the bill, but did not deliver the promised policy outcome of advancing it to enactment or implemented protection.
Sen. Hagerty reintroduced and sponsored the Main Street Depositor Protection Act (S.2999) — introduced Oct 9, 2025 and reintroduced with bipartisan cosponsors Mar 25, 2026 — and the bill was referred to the Senate Banking, Housing, and Urban Affairs Committee and received committee hearings (action recorded Feb 5, 2026). The campaign promise was to reintroduce and advance the bill; those actions were completed even though the measure has not been enacted into law.
Bill Hagerty fulfilled the promise to reintroduce and advance the Main Street Depositor Protection Act by introducing the bill, securing bipartisan support, and advancing it to committee hearings. However, there is no evidence the Act was passed into law or fully enacted, so the promise was only partially fulfilled despite clear legislative effort.
Multiple credible sources confirm that Senator Hagerty reintroduced the Main Street Depositor Protection Act during the relevant term. The promise specified reintroduction and advancement of the bill to protect community banks and their depositors; the evidence shows reintroduction and a legislative push, but there is no evidence of the bill's enactment or conclusive movement beyond introduction. Therefore, the outcome is 'partial' as the core action (reintroduction) was delivered, but not full advancement or implementation.
Multiple credible reports indicate that Senator Bill Hagerty did reintroduce the Main Street Depositor Protection Act, meeting the 'reintroduce' portion of his promise. However, none of the evidence shows that the legislation advanced beyond introduction (e.g., passing either chamber or being signed into law). Thus, the core policy outcome (expanding deposit insurance protections) was not delivered, but substantial legislative effort was made within the same term.