FDIC May Borrow Billions from Treasury

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The government may allow the Federal Deposit Insurance Corporation to borrow as much as $500 billion from the treasury department.

The Wall Street Journal reports the FDIC would use the money to help insure consumer's bank deposits.

The FDIC has been hit by the string of bank failures in the past year and the agency can currently borrow $30 billion from the treasury.

Despite its short-term difficulties, FDIC head Sheila Blair emphasizes that all insured deposits are backed by the U.S. government.

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