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September 30th, 2008
Posted: 04:28 PM ET
NEW YORK (CNNMoney.com) — The federal agency that guarantees bank deposits is asking Congress for temporary authority to raise the limit on the amount of money it insures for individual bank accounts. Federal Deposit Insurance Corp. Chairman Shelia Bair put out a statement late Tuesday afternoon asking that Congress allow her agency to increase the $100,000 limit per account that has been in place since 1980. She did not say what she thinks the new limit should be. FDIC spokesman Andrew Gray said simply, “We’ll leave that to Congress.” Earlier Tuesday, both presidential nominees — Barack Obama, D-Illinois, and John McCain, R-Arizona — backed increasing the maximum to $250,000. |
 
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