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Washington
Inside Washington (12/09/2010)
* WASHINGTON (12/10/10)--The Federal Deposit Insurance Corp. scheduled a board meeting for 10 a.m. Tuesday to discuss the designated reserve ratio of the Deposit Insurance Fund (DIF), as well as risk-based capital rules and the 2011 corporate operating budget (American Banker Dec. 9). The board may adopt a 2% DIF target, which is the ratio of reserves to deposits. In October, the FDIC said it is not expected to reach the DIF target ratio, which is used to guide long-term funding, before 2027 … * WASHINGTON (12/10/10)--Dwight Fettig, formerly a senior aide to Sen. Tim Johnson (D-S.D.) will return to Johnson’s office to work as a senior policy adviser (American Banker Dec. 9). Johnson is slated to be the Senate Banking Committee chairman next year. Fettig is expected to be named the committee’s staff director. He served as legislative director for Johnson from 1997 to 2003, and from 1995 to 1996 when Johnson was in the House of Representatives. Fettig was most recently a partner with the law firm of Porterfield, Lowenthal & Fettig, LLC, Washington, D.C. He also has served as senior policy and legislative advisor at Arnold & Porter LLP and senior director of government and industry relations at Freddie Mac … * WASHINGTON (12/10/10)--President Barack Obama’s proposal to extend Bush-era tax breaks includes a tax cut for most Americans, but six million federal, state and local government employees would be excluded from that benefit (The New York Times Dec. 9). The Obama plan would end the Making Work Pay tax credit of $400 for workers with low and middle incomes. Instead, people of all incomes would see a 2% decrease in the payroll tax for Social Security. But government employees do not pay into Social Security. Instead they pay into public pension systems. Under the Obama proposal, government employees stand to lose the $400 tax cut, while not gaining the benefit of the payroll tax cut. More than 174 million workers paid into the Social Security in 2007, but about 5.7 million state and government employees contributed to alternative pension systems …


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