Candidates Propose Increase in FDIC Insurance Limit

September 30 - This morning, after the House failed to pass a financial bailout plan - and stocks subsequently plunged by record amounts - both candidates suggested that the FDIC should help reassure Americans about the security of money placed in bank deposits by raising the insured funds limit from $100,000 to $250,000. Senator Obama suggested that this measure "would boost small businesses, make our banking system more secure and help restore public confidence in our financial system."
Both candidates also expressed concern over the failure of the bailout plan. As McCain explained:

"We haven't convinced people that this is a rescue effort, not just for Wall Street but for Main Street America, for working families, for small businesses, the heartland of America - all over America... We didn't do a good enough job."