COMMENTARY: A “Main Street” Bank Bill That Would Really Hurt Main Street – The Tennessee Tribune

COMMENTARY: A “Main Street” Bank Bill That Would Really Hurt Main Street – The Tennessee Tribune

BlackPressUSA Newswire By Ben Jealous In Washington, the name on a bill is often the opposite of what it does. The Main Street Depositor Protection Act is the latest example. The name sounds noble. The math is not. Here is what the bill would change. The FDIC is the federal agency that pays you back if your bank closes its doors. Today, it covers up to $250,000 in each account. Most people never come close to that limit. Most small businesses d…