ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release April 27, 2005 #05-21
E-mail: [email protected]

ACB STATEMENT ON DEPOSIT INSURANCE BILL

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the deposit insurance reform bill reported today by the House Financial Services Committee:

America’s Community Bankers is pleased that the House Financial Services Committee reported a deposit insurance bill that contains many needed reforms. We are particularly pleased that the bill would merge the insurance funds, require rebates of excess reserves and eliminate the 23 basis point “cliff.”

ACB strongly supports the bill’s increase in coverage of retirement accounts and believes that indexing of deposit insurance for inflation is appropriate to avoid dilution of coverage levels.

ACB remains concerned that the bill does not adequately address the “free-rider” problem; we would prefer that the final legislation impose a special premium on the uninsured money-market accounts that may be shifted into insured accounts.

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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