If Obama had his way there would be a limit to how big your bank account could get, do you agree with him?

Frank Marshall Davis 2012/08/15 03:43:31
Related Topics: Obama, Bank
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  • Tee Quake 2012/08/15 04:14:36
    Tee Quake
    Hell no, that's absolutely anti-American dream, stupid socialist drivel.
  • haarp35117 2012/08/15 03:53:56 (edited)
    On June 16, 1933, President Franklin D. Roosevelt signed the Banking Act of 1933. This legislation:

    Established the FDIC as a temporary government corporation

    Gave the FDIC authority to provide deposit insurance to banks

    Gave the FDIC the authority to regulate and supervise state non-member banks

    Funded the FDIC with initial loans of $289 million through the U.S. Treasury and the Federal Reserve

    Extended federal oversight to all commercial banks for the first time

    Separated commercial and investment banking (Glass–Steagall Act)

    Prohibited banks from paying interest on checking accounts

    Allowed national banks to branch statewide, if allowed by state law.

    The temporary increase in 2008 of the insurance limit to $250,000 was set to expire on 31 December 2013. However, the Wall Street Reform and Consumer Protection Act (P.L.111-203), which was signed into law on July 21, 2010, made the $250,000 insurance limit permanent. In addition, the Federal Deposit Insurance Reform Act of 2005 (P.L.109-171) allows for the boards of the FDIC and the National Credit Union Administration (NCUA) to consider inflation and other factors every five years beginning in 2010 and, if warranted, to adjust the amounts under a specified formula.

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