Committee Approves Deposit Insurance Legislation by Overwhelming Bipartisan Majority
|April 18, 2002|
The House Financial Services Committee has approved H.R. 3717, the Deposit Insurance Reform Act of 2002, by an overwhelming bipartisan majority of 52-2. The legislation, sponsored Financial Institutions Subcommittee Chairman Spencer Bachus (AL), would reform the deposit insurance system and protect more of Americans? retirement savings.
"This reform legislation will better protect Americans? retirement accounts and increase the coverage level for regular deposits," Financial Services Committee Chairman Michael G. Oxley (OH) said. "I urge the Senate to follow our lead and pass this common sense, bipartisan legislation that will ensure the vitality of the American economy as it emerges from recession."
The bill would:
"This important legislation advances the national priority of enhancing retirement security for all Americans," Bachus said. "With the stock market volatility that we have seen in recent years, senior citizens and those planning for retirement need a conservative, convenient, and secure place for their retirement savings. With the higher coverage levels provided for in this bill, the American banking system will give seniors that safe haven."
The Committee accepted several amendments to the legislation, including:
Source: House Financial Services Committee