The Wall Street Journal writes "Extension of FDIC Program Gains Key Backer but Hurdles Loom". It says, "The top Democrat in the U.S. Senate is backing an extension to an FDIC program that provides unlimited guarantees for $1.4 trillion in bank deposits. Banks, particularly small ones, have been scrambling to get lawmakers to continue a Federal Deposit Insurance Corp. program that provides unlimited guarantees for certain zero-interest deposits used by companies for payroll and other routine transactions. The FDIC normally provides $250,000 in insurance. The program is set to expire at the end of the year. Many small banks, worrying the money is likely to flow out of their institutions to large banks or big money-market mutual funds, have been pressing Capitol Hill to extend the program. Larger banks, many of which offer money-market funds as well as traditional deposit accounts, haven't taken a public position on the issue. But legislation introduced Monday by Senate Majority Leader Harry Reid (D., Nev.) would extend the FDIC's Transaction Account Guarantee program for two years. The bill is expected to be debated on the Senate floor over the next week, an aide said, declining to comment further." See the original mention in The Hill "Reid introduces bill extending federal guarantees for bank accounts" and the full text of the bill here.

Email This Article




Use a comma or a semicolon to separate

captcha image

Daily Link Archive

2024 2023 2022
March December December
February November November
January October October
September September
August August
July July
June June
May May
April April
March March
February February
January January
2021 2020 2019
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2018 2017 2016
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2015 2014 2013
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2012 2011 2010
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2009 2008 2007
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2006
December
November
October
September