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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
May 22, 2002
#02-28 |
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E-mail:
[email protected] |
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ACB COMMENDS PASSAGE OF DEPOSIT INSURANCE BILL
Statement by Curtis L. Hage. chairman, America’s Community Bankers, on House passage today of deposit insurance reform:
America’s Community Bankers commends the House of Representatives for passing
H.R. 3717, the Federal Deposit Insurance Reform Act of 2002. We believe
reforming the deposit insurance system is long overdue. In particular, we are
very pleased the bill merges the Bank Insurance Fund and the Savings Association
Insurance Fund; gives the FDIC more flexibility in restoring the fund’s
reserves; and doubles deposit insurance coverage for retirement accounts.
A key priority that was not included in the bill was a provision to permit the
FDIC to impose additional premiums on "free riders" that dilute the deposit
insurance fund with excessive deposit growth. We will continue to work with
Congress to ensure that this critically needed provision is enacted into law.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
Mr. Hage is also chairman and CEO, Home Federal Bank, Sioux Falls, S.D.
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Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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