Wednesday, October 01, 2008

Obama Says Bank Deposit Insurance Should Be Raised

Democratic presidential candidate Barack Obama says Congress should not start from scratch as lawmakers consider their next move in putting together an economic rescue plan.

Instead, Obama says lawmakers should build on the bill that the House rejected Monday.

One addition Obama is proposing calls for raising the amount of federal deposit insurance for bank accounts from $100,000 to $250,000. Obama says such a move would be a boost for small businesses and would make the U.S. banking system more secure as well as restore public confidence in the nation's financial system.

In a statement issued early Tuesday, Obama said further inaction on a rescue plan would be catastrophic for the economy and for American families.

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