Congressman Steve Cohen published an article at the Huffington Post website urging action on his legislation increasing the amount of money insurable under the FDIC.
Excerpt:
On Monday, September 22, 2008, I introduced H. R. 6986, the Individual Depositor and Community Bank Protection Act of 2008 in the House of Representatives which would raise the maximum federal deposit insurance coverage from the FDIC from $100,000 to $200,000. I offered a similar proposal to House Financial Services Chairman Barney Frank (MA-04) as an amendment to the financial rescue plan.
On Tuesday, Sen. Obama endorsed a measure which would raise the FDIC cap to $250,000 as part of a revised financial rescue package. I welcomed his support and, subsequently, the support of his Republican rival, Sen. McCain. Last night the Senate included this provision in its version of the rescue package, and now, Chairman Frank has pledged to work with his colleagues on the Financial Services Committee to include this plan in a newer version of the rescue package as a vehicle for compromise in the House.
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 on Monday. Every day that passes without a plan, more jobs are threatened as sources of personal and business credit dry up. We need to find areas of common ground, and increasing the FDIC insurance is one issue on which Democrats and Republicans can agree, and I am proud that Sen. Obama is supporting the FDIC hike.