FDIC broke, asking for unlimited Treasury loans
Posted on October 1st, 2008 by bile Tags: Congress, debt, Department of the Treasury, FDIC, Federal Deposit Insurance Corporation, loan, Senate, USDThe Federal Deposit Insurance Corporation is seeking temporary unlimited borrowing authority from the Treasury Department, according to a copy of the final Senate bailout legislation on Wednesday.
In the bill, which is expected to be voted on by the Senate later Wednesday, the FDIC is seeking the borrowing authority through the end of 2009.
The FDIC currently insures up to $100,000 per depositor and up to $250,000 per individual retirement account at insured banks.
Really just accounting tricks. The FDIC doesn’t have their own separate fund to draw from anyway so instead of the Congress borrowing they are trying to delegate the borrowing through the FDIC.
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