House approves increase in banking insurance

May 5, 2005 at 10:42 AM

WASHINGTON, May 5 (UPI) -- The U.S. House has approved bipartisan legislation overhauling the federal deposit insurance system.

Approved by a 413-10 vote Wednesday, the measure would increase the maximum insurable amount for bank accounts from $100,000 to $130,000.

Rep. Dana Rohrabacher, R-Calif., failed in his effort to eliminate the contentious provision from the measure.

The House had approved similar legislation in the last two congresses only to see them stall in the Senate due to concerns from Senate Banking Chairman Richard Shelby,R-Ala., about the potential tax burden of raising the limit should a bank fail.

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