FDII NEWS RELEASE
,...__.l........ mlllOIAIIOII
FOR. IBMEDIAn: RELEASE PR-21-84 (3-21-84)
STATEMENT ON
s. 2181. FINANCIAL SERVICES COMPmnvE EQUITY ACT
ANDS. 2134, DEPOSITORY INSTI'TUTIONS HOLDING COMPANY ACT
AMENDMENTS OF 1983
PRESENTED TO
CMIITTE£ ON BANKING, HOUSING AND URBAN AFFAIRS
UNITEll STATES SENATE
SY
WII.I.INt flt. ISAAC• CHAIRMAN
FEDERAL DEPOSIT INSURANCE CORPORATION
9:30 a.11.
Wednesday, Marci! 21, 1984
Room SD-538, Oiruen Senate Office· Building
FEDERAL DEPOSIT INSURANCE CORPORATION, 550Swllliull St. N.W., Washingt1111, D.C. 20429 • 202·389-4221
,...__.l........ mlllOIAIIOII
FOR. IBMEDIAn: RELEASE PR-21-84 (3-21-84)
STATEMENT ON
s. 2181. FINANCIAL SERVICES COMPmnvE EQUITY ACT
ANDS. 2134, DEPOSITORY INSTI'TUTIONS HOLDING COMPANY ACT
AMENDMENTS OF 1983
PRESENTED TO
CMIITTE£ ON BANKING, HOUSING AND URBAN AFFAIRS
UNITEll STATES SENATE
SY
WII.I.INt flt. ISAAC• CHAIRMAN
FEDERAL DEPOSIT INSURANCE CORPORATION
9:30 a.11.
Wednesday, Marci! 21, 1984
Room SD-538, Oiruen Senate Office· Building
FEDERAL DEPOSIT INSURANCE CORPORATION, 550Swllliull St. N.W., Washingt1111, D.C. 20429 • 202·389-4221
Mr. ChaiMnan, we appreciate this opportunity to present the FDIC's
views on S. 2181 and S. 2134. Our staff is preparing a more detailed comment
on these bills, which will be forwarded to you promptly. We would appreciate
your including that analysis in the official record.
The FDIC strongly supports the general framework for deregulation
set forth in S. 2181 and its predecessor S. 1609, introduced last year
at the request of the Administration. We c011111end you and your colleagues
on the Collllrittee for advancing the debate on the issue of deregulation·
of the financial-services. industry.
Sanks. have· held a very special place in our society and economy for
at least the past 50 years. The American public has insisted that we main•
tain stability in the financial system-. following the banking collapse
of the l930s. A principal means through which this has been achieved is
the provision of federal insurance for deposits placed in banks. The public
believes in the federal deposit insurance system and expects its government
to maintain the strength and integrity of that system.
So my first premise is that we must do whatever is necessary to enable
the deposit insurance system to continue p.rotecting. the public's savings
deposited fn banks. up to the insurance limit of $100,000.
My second· premise is that the public desires a financial system that
offers a broad range of services at competitive prices to the.maximum extent
consistent with stability and safety.
views on S. 2181 and S. 2134. Our staff is preparing a more detailed comment
on these bills, which will be forwarded to you promptly. We would appreciate
your including that analysis in the official record.
The FDIC strongly supports the general framework for deregulation
set forth in S. 2181 and its predecessor S. 1609, introduced last year
at the request of the Administration. We c011111end you and your colleagues
on the Collllrittee for advancing the debate on the issue of deregulation·
of the financial-services. industry.
Sanks. have· held a very special place in our society and economy for
at least the past 50 years. The American public has insisted that we main•
tain stability in the financial system-. following the banking collapse
of the l930s. A principal means through which this has been achieved is
the provision of federal insurance for deposits placed in banks. The public
believes in the federal deposit insurance system and expects its government
to maintain the strength and integrity of that system.
So my first premise is that we must do whatever is necessary to enable
the deposit insurance system to continue p.rotecting. the public's savings
deposited fn banks. up to the insurance limit of $100,000.
My second· premise is that the public desires a financial system that
offers a broad range of services at competitive prices to the.maximum extent
consistent with stability and safety.