Bank Spider

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that is responsible for promoting public confidence in the financial system by insuring deposits for up to $250,000 per customer per bank.

Today the House passed (and President Bush signed into law) the Emergency Economic Stabilization Act of 2008 (aka the “Bailout Bill”). One important feature of this new law is an increase in FDIC insurance from $100,000 to $250,000 per depositor.