BANKING

Seidman Says FDIC May Need More Money: Banking regulator L. William Seidman ended his six-year term with a warning that the Bush Administration’s plan to replenish the government’s deposit insurance fund could fall short. On his last day as chairman of the Federal Deposit Insurance Corp., Seidman said the proposed $70 billion in taxpayer-backed borrowing, pending before Congress, may not be enough to pay for all bank failures in the next few years. “The uncertainty of the timing and strength of the economic recovery could bring the sufficiency of the proposed recapitalization into question,” he wrote in letters to Rep. Henry B. Gonzalez, (D-Tex.) and Sen. Donald W. Riegle Jr. (D-Mich.), chairmen of Congress’ banking committees.