Congressman Cohen Welcomes Bipartisan Support for Increase in FDIC Insurance Coverage

Press Release

BREAK IN TRANSCRIPT

Congressman Steve Cohen (TN-09) today welcomed Sen. Barack Obama's call to increase the Federal Depositors Insurance Corporation (FDIC) insurance limits from $100,000 to $250,000 and urged his House colleagues to support it.

On September 22, Congressman Cohen introduced H.R. H. R. 6986, which would amend section 1821(a)(1) of title 12, United States Code, to raise the maximum Federal deposit insurance coverage from $100,000 to $200,000. He offered a similar proposal to Financial Services Chairman Barney Frank (MA-04) as an amendment to the financial rescue plan. He is pledging to work with his colleagues to include it in a newer version of the rescue package as a vehicle for compromise.

"This proposal will not only give consumers more protection in this uncertain environment, but it could help garner more votes from my colleagues who were not willing to support the bill that was defeated yesterday. Every day that passes without a plan, more jobs are threatened as sources of personal and business credit dry up," Cohen said. "We need to find areas of common ground and increasing the FDIC insurance is one issue on which Democrats and Republicans can agree."

Cohen continued, "If this measure can bring Democrats and Republicans together to pass a rescue plan, I'll be particularly proud to have proposed the measure. I sent a letter to both Democrat and Republican leaders this morning urging the adoption of this proposal. Democratic leaders and I have been discussing this issue for over a week, and certainly welcome the support of Republican Leadership and rank-and-file Republicans to ensure it becoming a part of the rescue plan."

Source