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FDIC Insurance Raise

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Finance and Banking


FDIC INSURANCE RAISE -- (House of Representatives - October 03, 2008)

Mr. COHEN. Madam Speaker, I am pleased today that when the House considers the Economic Stabilization Act, it will contain an FDIC insurance raise. On the 22nd of September, I filed a bill to increase the FDIC insurance to $200,000 to protect our independent depositors and our community banks.

This is a very difficult vote, as it was on Monday, because there is medicine that's bitter that you don't want to take but that you need. Sir Edmund Burke, a great member of parliament in Britain in the 1700s, said a legislator has a duty to his constituents to listen to them, but also to vote in what he believes from what he learns is their best interest. A good legislator has to make that decision.

Years later, another great British philosopher, Mick Jagger said, ``Sometimes you get what you want, and sometimes you get what you need.''

This time, we are going to do what the American economy needs. It's difficult but correct.


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