FDIC Chair: Higher Insurance To Boost Confidence

By: Associated Press
By: Associated Press

WASHINGTON (AP) - The head of the FDIC says the new increase in
federal deposit insurance limits will not solve all banking
industry ills but will bolster public confidence in banks' safety.
Sheila Bair, the chairman of the Federal Deposit Insurance
Corp., spoke Monday, after last week's enactment of the $700
billion bailout that temporarily increases the insurance limits to
$250,000 from $100,000 per individual account.
If the FDIC had to borrow from the Treasury to cover the
increased limit, the money would be repaid by insurance premiums
charged to U.S. banks and thrifts, Bair said in a speech to an
economists' group.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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