Thanks President Obama! Now we can have a Happy New Year!

Here’s the official press release:

Office of the Press Secretary

For Immediate Release

December 29, 2010

Statement by the Press Secretary, 12/29/2010

On Wednesday, December 29, 2010, the President signed into law:

H.R. 6398, which provides for permanent Federal deposit insurance coverage for Interest on Lawyers Trust Accounts, the interest earned on which is used by States to support legal aid for low-income individuals.

Why does this mean?

This amendment will provide Interest on Lawyers Trust Accounts (IOLTAs) with the same temporary, unlimited insurance coverage afforded to noninterest-bearing transaction accounts under the Dodd-Frank Wall Street Reform and Consumer Protection Act – H.R. 6398 extends unlimited FDIC insurance to IOLTA accounts through December 31, 2012.

For more details, http://www.fdic.gov/deposit/deposits/changes2.html.

Happy New Year!

-RFW


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