FDIC Increases Public Transit Benefits for Its Employees

05/02/2009

5/2/09: Last week, yet another sister financial regulatory agency, the Federal Deposit Insurance Corporation (FDIC), notified its employees that it was increasing the maximum monthly transit subsidy for its employees from $120 to $230. This increase, which was made pursuant to the American Recovery and Reinvestment Act of 2009 signed into law by President Obama on February 17, will be retroactive to March 1, 2009, the date on which the new law became effective. NTEU has urged the SEC to provided a similar increase to its employees. To date, however, the agency has failed to do so.