With the federal funding situation resolved and the government open, Congress can finally return to legislative business and begin to address the real concerns of Americans who have grown more anxious about the state of the economy, inflation, energy costs, and a government-created health care crisis. Yet, rather than tackle those problems, a small cadre of senators are instead channeling their efforts to give a banking boost to the wealthiest among us. That is a serious misallocation of valuable time.
The issue at hand centers around deposit insurance, which protects the accounts of people in the unlikely event of a bank failure. Currently, the Federal Deposit Insurance Corporation and National Credit Union Administration protect up to $250,000 in assets, but a new bipartisan bill, the Main Street Depositor Protection Act, seeks to raise the limit to a staggering $10 million for all transaction accounts at banks and credit unions. That’s almost a 4,000% increase.
Read the full story here.