Consumer activist Ralph Nader blasted the Federal Deposit Insurance Corp.'s proposal to lower bank premiums as an "unwarranted gift" to the industry that could jeopardize the insurance fund.

Mr. Nader and two affiliated organizations filed a comment letter with the FDIC urging the agency to let premiums continue to grow until the fund reaches an interim level of $1.63 for each $100 of insured deposits.

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