Report: FDIC Wants to Boost Deposit Insurance Limit

[TheSarge]

The chairman of the House Financial Services Committee has told lawmakers that a federal bank regulator will seek authority to increase the deposit insurance limit to a level above its current $100,000, said a source familiar with the chairman's thinking.

Representative Barney Frank, a Massachusetts Democrat, has told lawmakers of his committee that Sheila Bair, chairman of the Federal Deposit Insurance Corporation, will soon request the authority to boost the level of insured deposits, the source said.

Presidential nominees Barack Obama and John McCain both proposed an increase in federal deposit insurance to $250,000 from $100,000 as a way to broaden support for the bank asset bailout bill rejected on Monday by the House of Representatives.


http://www.foxbusiness.com/story/markets/industries/government/report-fdic-wants-boost-deposit-insurance-limit/

[Chris_]

I seem to recall a report about 1-2 weeks ago, where the FDIC was saying it only had cash on hand to cover about 1% of what it was currently insuring.  They were asking the Congress/Fed to fire up the presses and print them some more worthless paper to cover their liabilities with.  Where the hell are they coming up with the cash to cover a DOUBLING of their current liabilities?  The ****in' Fed Fairy?

[DumbAss Tanker]

It's been pegged at 100K for a great many years and 100K is a whole lot less now than it was when that number was set, it is actually a long-overdue change to foster bank stability.  Many, many more people now have over 100K in accounts now than the guys who set that number ever would have deemed possible, if they are queasy about their exposure it tends to make confidence in bank stability very shaky among the people who have exposure (and whose flight will have the biggest negative impact on the bank). 

[Hawkgirl]

At this point I don't trust the government. Period. With ANY of my money.

[JohnnyReb]

Well, I hope they do because I got more than that in just Wachovia ............or as I call them now, WACK-over-ya.

....then there's the whole matter of the WACK-over-ya investments group which wasn't bought up CITI-grope.....and more of my money or my sons college fund if he
don't turn out to be as dumb as his dad....

Started to pull everything out of WACK-over-ya last spring ....but didn't. See there, I told ya'll, whatever I do financially, ya'll do the oppisite and you'll be alright.....