Word: welcomedâ
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Last week, however, a big Manhattan bank made news that most bankers welcomed???secretly if not publicly. For the first time the constitutionality of Federal Deposit Insurance Corp. was challenged in Federal court. Under the permanent insurance plan in the new Banking Act, the FDIC assessment of one-twelfth of 1% per year is levied not just upon accounts of $5,000 or less, which are the only ones insured, but upon a bank's total deposits. That provision works to the advantage of small institutions most of whose deposits are in small accounts, and to the disadvantage...
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