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House bill would increase bank insurance

April 27, 2005 at 6:37 PM   |   Comments

WASHINGTON, April 27 (UPI) -- A House panel Wednesday approved an increase in the federal deposit insurance limit to $130,000 per bank account.

The House Financial Services Committee approved the increase in federal guarantees for bank deposits from the current $100,000 limit and indexs the limit to inflation, but it faces an uncertain future.

The legislation died in the Senate the past four years, opposed by Senate Banking Committee Chairman Richard Shelby, R-Ala.

One potential compromise being floated is leaving the limit at the $100,000 threshold, but allowing future indexing of th limit.

The FDIC limit was last increased in 1980.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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