FDIC asks to boost deposit limits for the short term

NEW YORK (CNNMoney.com) — The federal agency that guarantees bank deposits is asking Congress for temporary authority to raise the limit on the amount of money it insures for individual bank accounts.

Federal Deposit Insurance Corp. Chairman Sheila Bair put out a statement late Tuesday afternoon asking that Congress allow her agency to increase the $100,000 limit per account that has been in place since 1980.

“Unfortunately, there is an increasing crisis of confidence that is feeding unnecessary fear in the marketplace,” Bair said. “To address this crisis of confidence, I do believe that it would be helpful for the FDIC to have the temporary ability to raise deposit insurance limits.”

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~ by spyaokid on September 30, 2008.

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