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CHAIRMAN POWELL'S STATEMENT ON PASSAGE OF DEPOSIT INSURANCE REFORM LEGISLATION BY HOUSE OF REPRESENTATIVES

FOR IMMEDIATE RELEASE
PR-57-2002 (5-22-2002)
Media Contact:
David Barr (202) 898-6992

"I congratulate the House, and look forward to prompt action in the Senate and enactment of 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 (800-276-2003 or (703) 562-2200).
Last Updated 05/22/2002 communications@fdic.gov