FDIC pushes for more deposit insurance

The Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit insurance fund, has added its support to calls for Congress to raise the guarantee on deposits.

Sheila Bair, the chairman of the FDIC, said on Tuesday that a loss of confidence in the financial system meant the $100,000 guarantee was now inadequate.

"There is an increasing crisis of confidence that is feeding unnecessary fear in the marketplace. To address this crisis of confidence, I believe it would be helpful

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