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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
April 2, 2003
#03-18 |
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E-mail:
[email protected] |
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ACB SUPPORTS HOUSE PASSAGE OF DEPOSIT INSURANCE REFORM BILL
Statement by Diane Casey Landry, president and CEO, America’s Community Bankers, on passage today by the House of deposit insurance reform legislation:
America’s Community Bankers supported passage of the deposit insurance reform bill because it contains significant improvements to the system. These include merging the insurance funds, giving the FDIC the flexibility to manage the new fund, increasing the insurance coverage of retirement accounts, and providing rebates and credits for insured banks and a cap on the premiums for adequately capitalized banks.
However, ACB remains deeply concerned that the bill does not adequately address the free-rider problem. When financial firms transfer tens of billions of dollars of uninsured funds from outside the banking system into FDIC-insured banks, it exposes all insured institutions to additional premiums.
ACB will continue to work with Congress to ensure that a solution to the free-rider problem 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.
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