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The Wall Street Journal's "Heard on the Street" writes "Time for Congress to Wean U.S. Banks From an Outdated Crisis Backstop"
. It says, "
The economic recovery remains fragile. But the government should make markets stand on their own two feet where it can. One example: unlimited insurance for $1.5 trillion in noninterest-bearing deposits at banks, largely used by businesses to park cash
. This is a different program from the $
000 insurance provided to most accounts. The Federal Deposit Insurance Corp. first provided the special backing in October 2008 during the worst of the financial crisis. In 2010, Congress extended it through 2012. Now, with Congress returning this week and the Dec. 31 deadline looming, banks are fighting for yet another extension
. At the end of August, 80 state bankers' groups wrote to congressional leaders in favor of this."