CHAIRMAN POWELL'S STATEMENT ON PASSAGE OF DEPOSIT INSURANCE REFORM LEGISLATION BY HOUSE FINANCIAL SERVICES COMMITTEE
FOR IMMEDIATE RELEASE PR-43-2002 (4-17-2002)
Media Contacts: David Barr (202) 898-6992
"This is great news. The House Committee passed a good bill today and we will continue working to pass deposit insurance reform this year." Don Powell, FDIC Chairman.
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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 9,613 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 at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).