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FDIC Warns Of Drained Fund
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Published: March 5, 2009
WASHINGTON - The head of the Federal Deposit Insurance Corp. has warned that the fund insuring Americans' bank deposits could be wiped out this year without the money the agency is seeking in new fees from U.S. banks and thrifts.
FDIC Chairwoman Sheila Bair acknowledged, in a letter to bank CEOs, that the increased fees and hefty emergency premium the agency voted to levy last week will bring a "significant expense" to banks.
The new insurance fees are meant to raise $27 billion this year to replenish the fund.
The Associated Press
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