Word: fdic
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...pleasant picture of dollars on relief was the annual report last fortnight of Federal Deposit Insurance Corp. Chairman Leo T. Crowley. FDIC's own figures looked good enough at first glance. In five years the corporation has had to pay out $21,000,000 to cover expenses and to make good average losses of 16% of the deposits of 252 insured banks that closed or were taken over. Meantime FDIC has taken in $167,400,000 ($124,200,000 of it from ½ of 1% assessments on bank deposits, $43,200,000 from its investments and profits). Result: FDIC...
...setup of all executive agencies-except certain ones, specifically listed. (Important exceptions in the bill as passed by the Senate: Civil Service, Communications, Power, Trade, Interstate Commerce, Securities & Exchange, Employes' Compensation, Maritime, Tariff Commissions, Army Engineers Corps, Coast Guard, NLRB, Board of Tax Appeals, Federal Reserve Board, FDIC, Veterans' Administration. Most important: the Comptroller General's office, whose functions of o.k.-ing expenditures beforehand and auditing them afterward the President last year sought to divide between, respectively, the Budget Director and a new Auditor General.) The bill also forbade the President to do away with any function...
...bank's red brick building, when local payrolls would have stopped, local taxes gone unpaid, a resounding local depression started. But after the 1933 Bank Holiday, the New Deal set up Federal Deposit Insurance Corp. Since then banks have paid .08¼% of their average daily deposits to FDIC, thus insuring all deposits of $5,000 or less...
...insured (up to $5,000 per account) by Federal Deposit Insurance Corp., Chairman Leo Crowley sent a letter asking for statistics on the number of their accounts over $5,000 in size. Recalling that Chairman Henry Steagall of the House Banking Committee had advocated increased coverage, Chairman Crowley said FDIC was willing to raise the ante if the additional risk were "very small." Previous estimates showed that about 95% of U. S. deposits were covered by the present limit. But a new estimate is in order, now that bank deposits have risen to a near-record peak...
...corporation which TVA evangels never include in their critical remarks about power corporations is the TVA itself. Like RFC, FDIC, Commodity Credit Corp., TVA is Government corporation in business. In its buying and selling, making contracts, filing suits, its status as an incorporated concern relieves it of much red tape. Last week Dr. Arthur E. Morgan, who used to be top officer of TVA Corp., reminded his onetime colleagues, Directors Harcourt Morgan and David Lilienthal, that corporations have to take the bad along with the good, as Messrs. Harcourt Morgan and Lilienthal have often reminded the power corporations...