Bill Seeks to Let FDIC Borrow up to $500 Billion

**Jason** · 03-08-2009, 11:04 AM

WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury Department.

The Connecticut Democrat's effort -- which comes in response to urging from FDIC Chairman Sheila Bair, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner -- would give the FDIC access to more money to rebuild its fund that insures consumers' deposits, which have been hard hit by a string of bank failures.

Last week, the FDIC proposed raising fees on banks in order to build up its deposit insurance fund, which had just $19 billion at the end of 2008. That idea provoked protests from banks, which said such a burden would worsen their already shaken condition. The Dodd bill, if it becomes law, would represent an alternative source of funding.

http://online.wsj.com/article/SB123630125365247061.html

**Drew1369** · 03-09-2009, 01:11 AM

when will it freaking end... 700 billion to start another 800 billion afterwards, 410 billion that thankfully is in limbo and now another 500 billion all in the span of 5 months...

03-08-2009, 11:04 AM	#1 (permalink)
Jason Faugh a ballagh Join Date: Dec 2001 Location: Pasco, FL Posts: 8,476 OS: Windows Vista My System Blog Entries: 2	Bill Seeks to Let FDIC Borrow up to $500 Billion WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury Department. The Connecticut Democrat's effort -- which comes in response to urging from FDIC Chairman Sheila Bair, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner -- would give the FDIC access to more money to rebuild its fund that insures consumers' deposits, which have been hard hit by a string of bank failures. Last week, the FDIC proposed raising fees on banks in order to build up its deposit insurance fund, which had just $19 billion at the end of 2008. That idea provoked protests from banks, which said such a burden would worsen their already shaken condition. The Dodd bill, if it becomes law, would represent an alternative source of funding. http://online.wsj.com/article/SB123630125365247061.html __________________ Posting Tips \| Advice for New People \| Common Fixes \| Agus na damnaithe fágtha gan focal Glaoigh ormsa i measc na naomh

03-09-2009, 01:11 AM	#2 (permalink)
Drew1369 Moderator Relaxation Room Join Date: Jan 2007 Location: Seattle, WA, USA Posts: 3,428 OS: Win7 Ultimate	Re: Bill Seeks to Let FDIC Borrow up to $500 Billion when will it freaking end... 700 billion to start another 800 billion afterwards, 410 billion that thankfully is in limbo and now another 500 billion all in the span of 5 months... __________________ We humans have a primal urge to kill because, thanks to natural selection, all the homo sapiens who didn't have a primal urge to kill, were themselves killed. http://obamaclock.org/