| | FOR IMMEDIATE RELEASE |
Contact: Robert M. Garsson | February 26, 2003 | (202) 874-5770 |
| |
WASHINGTON
Comptroller of the Currency John D. Hawke, Jr., in testimony today before the
Senate Committee on Banking, Housing and Urban Affairs, said Congress should
address a number of flaws in the deposit insurance system, including several
introduced in the last two decades.
Legislation
adopted in response to the banking and thrift crises of the 1980s and early
1990s has had the effect of preventing the FDIC from taking what it had reason
to believe were sensible and necessary actions, Mr. Hawke said. Due in large
part to these statutory restrictions, the FDIC cannot price deposit insurance
in a way that accurately reflects the risks posed by different depository
institutions and that avoids the need for sharp increases in premiums if a fund
experiences significant losses.
The
Comptroller told the Senate panel that:
·
The coverage limits on deposits should not be
increased.
# # #
|
The OCC charters, regulates and examines
approximately 2,100 national banks and 52 federal branches of foreign banks
in the U.S., accounting for more than 55 percent of the nations banking
assets. Its mission is to ensure a safe and sound and competitive national
banking system that supports the citizens, communities and economy of the
United States.
|
|
|