Main Street Depositor Protection Act

This bill increases federal deposit insurance coverage for noninterest-bearing transaction accounts (like standard checking accounts used for daily payments) up to $10 million per depositor at each bank or credit union. It directly affects individuals and small businesses holding these accounts, expanding protection beyond the standard $250,000 limit for most deposits. The coverage excludes accounts at very large banks (global systemically important bank holding companies) and foreign bank branches, and requires a 10-year phase-in period for full implementation. The bill defines qualifying accounts as those without interest, allowing easy electronic payments without advance withdrawal notices.