WASHINGTON Federal Deposit Insurance Corp. Chairwoman Sheila Bair on
Tuesday asked for unspecified authority to raise insurance limits
on the very day that both presidential candidates recommended the
move as a way to help prospects for the failed $700 billion
financial bailout bill.
Bair said the overwhelming majority of banks remain sound but
that an increase in the cap would help ease the crisis of
confidence in the banking system.
Earlier Tuesday, Sens. John McCain and Barack Obama pushed the
idea of an increase in the insurance limit to $250,000.
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