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CHAIRMAN POWELL'S STATEMENT ON PASSAGE OF
DEPOSIT INSURANCE REFORM LEGISLATION BY
HOUSE FINANCIAL SERVICES COMMITTEE

FOR IMMEDIATE RELEASE
PR-23-2003 (03-13-03)
Media Contact:
Rosemary George (202) 898-6530

"I am very pleased that the Committee has recognized the importance of reforming the deposit insurance system and has moved forward so quickly on this legislation. This is an excellent start on getting the bill enacted this year."

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,354 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).

Last Updated 03/13/2003 communications@fdic.gov