An amendment comprised of two amendments offered en bloc which were made in order by H. Res. 266, but with modifications. The first of the two, the Towns amendment, as offered, sought to exempt the bank accounts of non-profit organizations from the FDIC insurance limit of $100,000. As modified, the Towns amendment changes that dollar figure to $500,000 and imposes certain other conditions that must be met before such an exemption can be granted. The second of the two, the Donnelly amendment, as offered, sought to extend to successive owners of failed depository institutions the current legal requirement that employee health care coverage be extended at the employees' expense for up to 36 months following certain "qualifying events". As modified, the amendment includes language removing imposition of premium costs on FDIC.

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Amendment Number
389
Description
An amendment comprised of two amendments offered en bloc which were made in order by H. Res. 266, but with modifications. The first of the two, the Towns amendment, as offered, sought to exempt the bank accounts of non-profit organizations from the FDIC insurance limit of $100,000. As modified, the Towns amendment changes that dollar figure to $500,000 and imposes certain other conditions that must be met before such an exemption can be granted. The second of the two, the Donnelly amendment, as offered, sought to extend to successive owners of failed depository institutions the current legal requirement that employee health care coverage be extended at the employees' expense for up to 36 months following certain "qualifying events". As modified, the amendment includes language removing imposition of premium costs on FDIC.
Purpose
Amendments en bloc sought to: (1) provide up to $500,000 in deposit insurance to charities and other nonprofit organizations who hold accounts in minority owned banks; and (2) require the FDIC to continue at employee expense, health plan coverage for employees of failed institutions.
Congress
102
Type
HAMDT
Latest Action Date
Nov 4, 1991
Latest Action Text
On agreeing to the Gonzalez amendments (A016) as modified Failed by voice vote.
Latest Action Time
17:46:27
Submitted Date
Nov 4, 1991
Chamber
House of Representatives
Update Date
Jun 7, 2021
Amendment 389 — Informed