Dodd: Brother Geithner, can you spare a dime?
By Bill Allison Mar 06 2009 4:15 a.m.Last week Lisa Chiu, one of our colleagues at SubsidyScope.com, mentioned to us that the FDIC's deposit insurance fund had dwindled to a mere $19 billion at the end of 2009, down from about $56 billion the year before (see this table for all the numbers). She thought this was pretty significant. Always listen to Lisa: The Wall Street Journal reports that Sen. Chris Dodd has proposed a bill that would let FDIC borrow $500 billion from the Treasury Department.
Nice to know Treasury has the spare billions lying around. If the FDIC's insurance fund runs out of money, taxpayers are obligated to make up the difference.
I couldn't find the bill on OpenCongress yet, but I did note that Dodd is sponsoring a bill to put Mark Twain on a coin. Perhaps they can put a quote on the back from the Gilded Age.
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