The U.S. House of Representatives overwhelmingly passed H.R. 1185, the Bachus-Hooley Federal Deposit Insurance Reform Act, which aims to amend the current FDIC insurance system.

The main points of H.R. 1185, which covers banks, thrifts and credit unions, are: increasing the maximum coverage per account from $100,000 to $130,000; doubling the amount of coverage to $260,000 for certain accounts for senior citizens and those planning for retirement; indexing for inflation every five years; and increasing coverage limits for in-state municipal deposits to $2 million or 80 percent of any deposits over $130,000, whichever is less.