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WASHINGTON-At a meeting last week, the Federal Deposit Insurance Corporation Board approved a $1.1 billion Corporate Operating Budget for 2005. The agency also announced that it planned to cut 674 positions by the end of 2005, with substantial budget reductions for 2006. “I am very pleased that we will be maintaining a level budget for the third year in a row while undertaking some important strategic initiatives,” FDIC Chairman Don Powell said. “I believe we have been very successful in our efforts to become a more efficient and cost-conscious organization.” The budget will provide funds for the FDIC’s projected 2005 workload for insurance, supervision, and receivership management as well as its major program support functions. Funding was increased for Bank Secrecy Act examination specialists training, the Central Data Repository operation, and additional staff for the evolution of capital regulation and the changing risk profile of insured institutions.

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