by Bill McBride on 10/01/2008 11:32:00 AM
Wednesday, October 01, 2008
From the WSJ: Revised Bill Lets FDIC Borrow Without Limits
The Senate financial market rescue bill would temporarily allow the Federal Deposit Insurance Corp. to borrow unlimited amounts of money from the Treasury Department in connection with the larger government deposit coverage that would extend until the end of next year.The WSJ has the full text of the revised bill.
This is important because it would increase the backstop that the FDIC has to make sure that insured depositors can be repaid if their bank fails.
Posted by Bill McBride on 10/01/2008 11:32:00 AM