The Omnibus Budget Reconciliation Act of 1993
A) did not grant FDIC insurance coverage to deposits of state and local governments
B) encouraged uninsured depositors to evaluate the banks where they held funds
C) gave insured depositors a preference in claims over uninsured depositors
D) all of the above

Question

Quizplus · Accepted Answer

The Omnibus Budget Reconciliation Act of 1993 included provisions that affected FDIC insurance and the treatment of depositors. It encouraged uninsured depositors to be more cautious and evaluate the banks where they held their funds, and it also gave insured depositors a preference in claims over uninsured depositors, among other financial reforms.