Rep. Richard Baker, R-La., suffered instant rejection June 20 when he asked House Banking Committee colleagues to limit federal deposit insurance as part of a financial reform bill.

His plan would have reduced insurance coverage to $100,000 per individual at banks affiliated with insurance, securities, or nonfinancial firms. Currently, a depositor may have numerous accounts at a bank, each insured up to $100,000.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.