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Washington
Inside Washington (02/27/2009)
* WASHINGTON (3/2/08)—The Federal Deposit Insurance Corporation (FDIC) voted Friday to amend the restoration plan for the Deposit Insurance Fund (DIF). The agency, in a release, said under a restoration plan approved last October, the agency set a rate schedule to raise the DIF reserve ratio to 1.15% within five years. Friday’s action extends the restoration plan horizon to seven years in recognition of the “current significant strains on banks and the financial system and the likelihood of a severe recession.” The amended restoration plan was accompanied by a final rule that sets assessment rates and makes adjustments that improve how the assessment system differentiates for risk. Currently, most banks are in the best risk category and pay anywhere from 12 cents per $100 of deposits to 14 cents per $100 for insurance. Under the final rule, banks in this category will pay initial base rates ranging from 12 cents per $100 to 16 cents per $100 on an annual basis, beginning on April 1. The FDIC also adopted an interim rule imposing a 20 basis point emergency special assessment on the industry on June 30. The assessment is to be collected on Sept. 30… * WASHINGTON (3/2/08)—Daniel Tarullo was formally sworn in as a member of the Board of Governors of the Federal Reserve System at a ceremony Friday in the atrium of the Fed’s main building here. Federal Reserve Chairman Ben Bernanke presided over the ceremony. Tarullo assumed his position on Jan, 28, following his confirmation by the U.S. Senate the previous day. His term expires Jan. 31, 2022…


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