FDIC able to boost funds, keep higher limit on deposit insurance

Congress on Tuesday has passed a legislation allowing the FDIC to borrow up to $100bn more to boost its funds after the failure of around 30 banks have seen its pocket lose more than $33bn from saving them.  The institution is also able to keep the $250,000 deposit insurance limit until 2013, which could only be good for the public.

See the report from WSJ HERE.

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