May 6th, 2009 - MarketWatch
WASHINGTON (MarketWatch) -- Lawmakers on Wednesday approved a broad housing bill that would allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury for the agency's deposit insurance fund.
The legislation, approved by 91-5, was introduced by Senate Banking Committee Chairman Christopher Dodd, D-Conn. Read the legislation.
The bill would temporarily provide more government funds to pay depositors of failed financial institutions. The measure would increase the FDIC's borrowing authority to $500 billion until the end of 2010. The bill would also hike the agency's permanent borrowing authority from Treasury to $100 billion from $30 billion. The fees are used to pay depositors of failed institutions, as well as administrative costs at the agency.
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