The Senate on Thursday failed to clear a bill that would have extended for two more years a program that provided federal insurance for deposits kept in no-interest accounts at federally insured banks.
BLOOMBERG In Defense of the Volcker Rule | Banks have complained that the Volcker Rule, intended to limit federally insured banks' ability to trade for their own book, would stunt economic growth, cripple competitiveness and saddle firms with big costs.
So far this year, Mr. Spence holds the privilege of opening the only truly new federally insured bank.
The increase appears to be the result of transfers, not the insured bank writing new business.
Many people think that these funds are as safe as federally insured bank deposits.
It has deals with CBW Bank and Bancorp, federally insured banks, to hold its customers' money.
Even the F.D.I.C. insured bank accounts only up to a hundred thousand dollars.
The German and French drafts allow market-making on behalf of clients to stay with the insured bank.
In some cases they might also be prohibited from using federally insured bank deposits for risky trading.
Individuals and businesses in America have been depositing more of their cash in federally insured bank accounts.
