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Dear Mr. "bleep":
Thank you for contacting me regarding the Helping Families Save Their Homes Act of 2009 (S. 896). I appreciate having the benefit of your comments on this matter.
As you may know, S. 896—which I supported—passed the Senate on May 6, 2009, by a bipartisan vote of 91–5.
This legislation increases the borrowing authority of the Federal Deposit Insurance Corporation (FDIC) from $30 billion to $100 billion and the National Credit Union Administration (NCUA) from $100 million to $6 billion.
To provide greater depositor confidence, S. 896 temporarily extends the $250,000 limit in federal deposit insurance coverage through 2013, and provides a corresponding extension for credit union accounts.
These provisions will allow the FDIC and NCUA to continue protecting the savings of American families and small businesses without imposing additional stress on financial institutions through premium increases. S. 896 will also help ease the burden on our economy, including credit unions, protect the savings of families and businesses, and provide much-needed support to the struggling housing market.
S. 896 was referred to a joint House-Senate conference committee for further consideration. I appreciate the opportunity to represent the interests of Texans in the United States Senate, and you may be certain that I will keep your thoughts in mind should S. 896 receive additional consideration from the full Senate.
Thank you for taking the time to contact me.
United States Senator
517 Hart Senate Office Building
Washington, DC 20510
Tel: (202) 224-2934
Fax: (202) 228-2856