House Panel Ok’s $250,000 Deposit Insurance Limit

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MarketWatch

June 15, 2010 Tuesday 2:17 PM EST

LENGTH: 171 words

HEADLINE: House panel OK’s $250,000 deposit insurance limit

BYLINE: Ronald D. Orol

WASHINGTON (MarketWatch) – House lawmakers on a House-Senate panel on Tuesday voted to make permanent a $250,000 deposit insurance limit that was put in place as a temporary program during the height of the financial crisis. The provision would make the provision retroactive to Jan. 1, 2008 to cover some large depositors that lost money during the financial crisis that shook the economy to the brink in Sept. 2008. The measure would permanently raise the cap from the $100,000 limit that was in place before the crisis. Rep. Carolyn Maloney (D., NY) “This is good for business and helps revive the economy. It’s important,” she said. The measure was approved as part of a package that combines the Office of Thrift Supervision and the Office of Comptroller of the Currency. The Senate members on the House-Senate panel must now consider the measure. The House approved the section by a vote of 12-7

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