WASHINGTON -- Investment products like the Retirement CD would be denied federal deposit insurance coverage under legislation introduced last week by key Senate Banking Committee members.

The Bank Insurance Fund and Depositor Protection Act of 1994, co-sponsored by Sen. Christopher Dodd, D-Conn., and the committee's ranking Republican, Alfonse D'Amato, R-N.Y., aims to stymie the use of the Retirement CD, a tax-deferred, federally insured deposit account.

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