CH 1 FDIC ask bank for help

The bank is getting mighty costly. The FDIC propose to send bank 45 billion dollars. Federal Deposit Insurance Corp estimate to surge 100 billions over 5 years. As a result of the cost the FDIC propose agency's cash position to prepay premiums for the next 3 years. The FDIC said that fund under strain 95 banks failures this year when the third quarter end by the beginging of first quarter next year the bank may run out of money. So therefor banks need cash quick to support the fund which supports over 4 trillion dollars insure deposit. FDIC chief Sheila Bair suggest that the industry can help out. At this time the economy is just starting to recover. On Tuesday proposal highlight how much money is the bank making over these couple years. Contributing small amounts to insurance funds. The FDIC does have another plan to shore up the fund. Borrowing money from the Treasury Department. Thanks to a law the is just passed this year the authority is allow to borrow as much as 500 billion dollars throught 2010 for emergency.