Each depositor insured to at least $250,000 per insured bank

The following is a statement from Federal Deposit Insurance Corporation (FDIC) Chairman Don Powell on the House Financial Services Committee’s passage of deposit insurance reform legislation that would improve the deposit insurance system:

"I am grateful that the House Financial Services Committee has voted again this year to approve Deposit Insurance Reform legislation. By including deposit insurance reform as one of its budget reconciliation recommendations, the Committee has moved this important legislative package one-step closer to becoming law. This legislation contains important reforms to protect consumers and provide the FDIC more flexibility to manage the deposit insurance funds in a fairer and more effective manner. It will also help to prevent banks from facing high premiums at a time when they could least afford it, as could happen under the current rules.”