As the US Senate prepares to vote on the second version of the Wall Street bailout bill, the Wall Street Journal reports that changes to the bill, including an increase to federal deposit insurance limits and several tax breaks, are expected to see it pass.

“The Senate bill would temporarily allow the Federal Deposit Insurance Corp. to borrow unlimited amounts of money from the Treasury Department in connection with the larger government deposit coverage that would extend until the end of next year.

“This is important because it would increase the backstop that the FDIC has to make sure that insured depositors can be repaid if their bank fails.”

Read the full story here.

Peter Fray

Get your first 12 weeks of Crikey for $12.

Without subscribers, Crikey can’t do what it does. Fortunately, our support base is growing.

Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. We lift up the rocks that other news media largely ignore. Without your support, more of those rocks – and the secrets beneath them — will remain lodged in the dirt.

Join today and get your first 12 weeks of Crikey for just $12.

 

Peter Fray
Editor-in-chief of Crikey

JOIN NOW