PRESS RELEASE
Federal Deposit Insurance Corporation
June 17, 2003 Media Contact:
Phil Battey (202) 898-6993
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. 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, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-65-2003
FDIC MEETING THE FOUR KEY AREAS OF
THE PRESIDENT'S MANAGEMENT AGENDA
FOR IMMEDIATE RELEASE
"I can't think of a better way to serve the American people than to be good stewards of
the resources we have been given and to ensure we are performing with excellence in
all that we do," said Federal Deposit Insurance Corporation Chairman Don Powell .
Speaking before the Council for Excellence in Government, Powell said that the FDIC is
meeting the challenge laid out in President Bush's Management Agenda. The FDIC has
achieved this by restructuring the agency, improving the performance of employees,
and operating more efficiently.
"Last year, President Bush asked all government agencies to simplify, reform, and
provide incentives in an effort to build a highly-functioning model of government
service," Powell said. "The Management Agenda wanted these efforts to focus on four
key areas: First, to make government citizen-centered; second, to develop managerial
flexibility to acquire and develop leadership; third, to integrate performance review with
budget divisions; and fourth, to advance e-government."
Powell cited a number of examples of the FDIC's achievements in these four areas. "As
an organization, we have streamlined by merging four divisions into two and by
reducing the number of executive-level positions by 20 percent," said Powell. "We also
addressed supervisory skill imbalances by offering a targeted buyout program, which
largely eliminated surpluses and opened up opportunity for upward mobility. We
realigned staff and delegated more authority in order to reduce the time it takes to make
decisions, so that most decisions affecting customers will now be made by the offices
they deal with most frequently."
Federal Deposit Insurance Corporation
June 17, 2003 Media Contact:
Phil Battey (202) 898-6993
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. 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, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-65-2003
FDIC MEETING THE FOUR KEY AREAS OF
THE PRESIDENT'S MANAGEMENT AGENDA
FOR IMMEDIATE RELEASE
"I can't think of a better way to serve the American people than to be good stewards of
the resources we have been given and to ensure we are performing with excellence in
all that we do," said Federal Deposit Insurance Corporation Chairman Don Powell .
Speaking before the Council for Excellence in Government, Powell said that the FDIC is
meeting the challenge laid out in President Bush's Management Agenda. The FDIC has
achieved this by restructuring the agency, improving the performance of employees,
and operating more efficiently.
"Last year, President Bush asked all government agencies to simplify, reform, and
provide incentives in an effort to build a highly-functioning model of government
service," Powell said. "The Management Agenda wanted these efforts to focus on four
key areas: First, to make government citizen-centered; second, to develop managerial
flexibility to acquire and develop leadership; third, to integrate performance review with
budget divisions; and fourth, to advance e-government."
Powell cited a number of examples of the FDIC's achievements in these four areas. "As
an organization, we have streamlined by merging four divisions into two and by
reducing the number of executive-level positions by 20 percent," said Powell. "We also
addressed supervisory skill imbalances by offering a targeted buyout program, which
largely eliminated surpluses and opened up opportunity for upward mobility. We
realigned staff and delegated more authority in order to reduce the time it takes to make
decisions, so that most decisions affecting customers will now be made by the offices
they deal with most frequently."
Powell also described a new performance-oriented compensation program for all staff
that rewards achievement, and the development of a Corporate University to cross-
train employees and develop their leadership potential. He also gave details on how the
FDIC had examined cost outlays and subsequently implemented major initiatives to
make sure that the agency's capital and corporate investments are cost effective.
Powell said that the FDIC had made major advances in the area of e-government.
"Promoting e-government to reduce reporting burdens on businesses and to share
information more quickly and conveniently should be a priority for all of us," Powell told
the audience. "At the FDIC, we have made significant advances in the wise and creative
use of technology to accomplish our mission of promoting safety and soundness in the
banking system, protecting the consumers' insured deposits, and quickly resolving any
bank failures that occur."
He cited specific examples such as the development of web-based alternatives for
doing business with the FDIC and web-based tools to market the assets and liabilities of
failing insured institutions, and the in-house development of software to analyze loan
portfolios electronically and thus improve the examination process.
Powell also announced the award of a $39 million dollar contract to Unisys Corporation
to consolidate the collection, editing, and access of quarterly bank financial reports into
a central data repository that will be accessible to regulators, financial institutions, and
the public. The contract was awarded by the Federal Financial Institutions Examination
Council as part of an ongoing Call Report Modernization project that the FDIC has
spearheaded. The Unisys project will replace the current process for which the banking
agencies together would expect to spend about $65 million over the next 10 years.
that rewards achievement, and the development of a Corporate University to cross-
train employees and develop their leadership potential. He also gave details on how the
FDIC had examined cost outlays and subsequently implemented major initiatives to
make sure that the agency's capital and corporate investments are cost effective.
Powell said that the FDIC had made major advances in the area of e-government.
"Promoting e-government to reduce reporting burdens on businesses and to share
information more quickly and conveniently should be a priority for all of us," Powell told
the audience. "At the FDIC, we have made significant advances in the wise and creative
use of technology to accomplish our mission of promoting safety and soundness in the
banking system, protecting the consumers' insured deposits, and quickly resolving any
bank failures that occur."
He cited specific examples such as the development of web-based alternatives for
doing business with the FDIC and web-based tools to market the assets and liabilities of
failing insured institutions, and the in-house development of software to analyze loan
portfolios electronically and thus improve the examination process.
Powell also announced the award of a $39 million dollar contract to Unisys Corporation
to consolidate the collection, editing, and access of quarterly bank financial reports into
a central data repository that will be accessible to regulators, financial institutions, and
the public. The contract was awarded by the Federal Financial Institutions Examination
Council as part of an ongoing Call Report Modernization project that the FDIC has
spearheaded. The Unisys project will replace the current process for which the banking
agencies together would expect to spend about $65 million over the next 10 years.