WASHINGTON-Senate Banking Chairman Paul Sarbanes (D-Md.) has said he will hold a hearing sometime in late April on deposit insurance reform legislation. Senator Tim Johnson (D-S.D.) is sponsoring the legislation, which mirrors the House version. Provisions are in the bill to increase deposit insurance coverage to $130,000 and index it to inflation every 10 years; merge the Bank Insurance Fund and the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation; double coverage for Individual Retirement Accounts and 401(k)s; and increase coverage for municipal deposits in banks and credit unions. Credit union share insurance will remain independent of the banks.
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