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U.S. Bank Deposit Insurance Fund Depleted?

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FDIC deposit insuranceThe Federal Deposit Insurance Corporation could run out of funds this year if more banks fail.

The head of the FDIC, Sheila Bair, has sent a letter to bank executives saying the fees banks pay into the fund will be increased and a special fee will also be assessed to shore up the fund.

In the letter, Sheila Bair wrote “Without these assessments, the deposit insurance fund could become insolvent this year. Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”

I personally wouldn’t worry about the deposit insurance fund becoming insolvent. Even if the fund failed, the Federal Government would come of the rescue and bailout the fund. Can you imagine the uproar if the Government didn’t bailout the deposit insurance fund?

Author: Brian McKay
March 6th, 2009

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