FDIC May Get More Borrowing Power to Stay Afloat
No one saw this coming…Senate Banking Committee Chairman Christopher Dodd is reportedly working on a bill that would allow the FDIC to borrow up to $500 billion from the Treasury Department.
The FDIC, which has been hit hard as a result of the mortgage crisis, would be allowed to temporarily access the funds until the end of 2010 to rebuild its fund that insures consumer deposits while creating a buffer to protect Read more