Congress more than triples FDIC's borrowing authority

05/20/2009 | Bloomberg

In an effort to bolster the Federal Deposit Insurance Corp.'s ability to cope with bank emergencies, Congress had adopted mortgage legislation that includes extra funding for the regulator. The final language in the measure more than triples the FDIC's authority to borrow from the Treasury, to $100 billion. Sheila Bair, the FDIC's chairwoman, asked Congress for the extra borrowing authority to preserve the insurance fund's ability to deal with failed banks.

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