“Temporary” Deposit Insurance Will Be Extended to 2013

``by Rolfe Winkler, CFA Congress approved FDIC’s higher borrowing limits yesterday. The new law permanently increases FDIC’s line of credit at Treasury from $30 billion to $100 billion. And through 2010, FDIC will be able to borrow up to $400 billion more if the Fed and Treasury sign-off. The legislation also extends, from 2009 to 2103, so-called “temporary” deposit insurance (unlimited for transaction accounts and up to $250,000 for individual accounts). ''