The Senate is expected to vote on their own version of the Bailout Bill tomorrow afternoon.
We hear the Senate bill will finally raise the FDIC protection for ordinary depositors to $250,000. For one year.
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The lobbyists are putting high pressure on the key Congressmen.
Financial companies are asking their employees to call and write their Congressmen to support the Bill.
Let them know what you think, whatever that might be.
And come this November, vote.
Under Section 112 of the draft Bill non-US financial institutions will be eligible for assistance if they lent to US banks or home borrowers.
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
