Bair Act

The Bair Act, also known as the Federal Deposit Insurance Reform Act of 2008, is legislation that increased the amount of insurance protecting bank depositors from losses if a bank fails. It raised the insurance limit from $100,000 to $250,000 per depositor, per bank, helping to maintain trust in the banking system. The law also established the Federal Deposit Insurance Corporation (FDIC) as the primary agency overseeing deposit insurance and simplifying the process to protect consumers' deposits, especially during financial crises. Overall, it strengthens safeguards for individual depositors and promotes stability in the banking industry.