Treasury Puts \ Billion Into Banks, FDIC Widens Coverage - ENR | McGraw-Hill Construction | ENR: Engineering News Record

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Treasury Puts $250 Billion Into Banks, FDIC Widens Coverage - ENR \| McGraw-Hill Construction Publication Date: 15-OCT-08 Format: HTML

Description:
The Federal government has launched a multipronged move aimed at loosening credit markets. Under the plan, announced on Oct. 14, the Treasury Dept. will inject a total of $250 billion into banks in exchange for equity stakes. The Federal Deposit Insurance Corp. will temporarily insure non-interest-bearing transaction accounts, such as companies’ payroll accounts, with no ceiling. In addition, the Federal Reserve will develop a program to become, in President Bush’s words, “a buyer of last resort for commercial paper.”

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Treasury Puts $250 Billion Into Banks, FDIC Widens Coverage - ENR | McGraw-Hill Construction