Makes permanent the increase in deposit insurance coverage for banks and credit unions to $250,000, which was enacted temporarily as part of the Emergency Economic Stabilization Act and is scheduled to sunset on December 31, 2009, and includes an inflation adjustment provision for future coverage.
According to this Bloomberg article the FDIC is reviewing this proposal and a few others directly related to the FDIC.
In my opinion the $100K limit was long overdue for a permanent increase, so I'm happy to see this proposal and I hope it passes. The US House has a Write Your Representative Service if you want to encourage your representative to support it.
To review the latest changes in the current FDIC and NCUA deposit insurance, refer to this post which includes links to updated FDIC and NCUA documentation.
Since I'm unable to post on all the latest banking related news, I'm keeping a list of links to the latest bank-related news stories at my daily news and deals post. So in addition to deals, if you come across an interesting banking news story, please leave a comment in that post, and I'll include it in the list.