The Home Front

FDIC Deposit Insurance Limits Could Increase

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September 30, 2008 RSS Feed Print
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As federal regulators brace for an increase in bank failures, customers may end up with additional government protection for their deposits.

From Bloomberg:

The Federal Deposit Insurance Corp. will ask Congress for permission to increase deposit insurance limits, House Financial Services Committee Chairman Barney Frank said in a memorandum to members of his panel.

"Sheila Bair, chairman of the FDIC, notified me that they will be requesting authority to increase deposit insurance limits. We will provide additional details as we have them,'' Frank said in the memo.

The FDIC currently provides $100,000 of insurance for individual bank deposits. The memo didn't specify what new level was being requested by the agency.

Tags:
Barney Frank,
FDIC,
Sheila Bair,
insurance,
banking

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This may "sound" better than it turns out to be. If, we the people, are now insuring rich people rushing into banks with money that would otherwise be elsewhere, what does this cause?

Lower interest rates for the Mom and Pop savers who were already there with smaller deposits?

of 5:02PM September 30, 2008

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