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Banks Face Loss of Debt Guarantee

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"The Federal Deposit Insurance Corp. is preparing to wind down an emergency program it launched last year," according to the Wall Street Journal. "As of Sept. 4, there was $304.14 billion in FDIC-backed debt outstanding, including promissory notes, commercial paper and unsecured portions of secured debt. To enact the program, the FDIC had to cite a "systemic risk" to the economy. The agency has collected roughly $9.3 billion in fees from banks that have participated, and to date has not faced any guarantee payouts."

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