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STATEMENT OF CHAIRMAN DONALD POWELL
FOLLOWING THE
FDIC BOARD OF DIRECTORS MEETING
MAY 7, 2003

FOR IMMEDIATE RELEASE
PR-46-2003 (05-07-2003)
Media Contact:
Phil Battey (202-898-6993)

In our view, this morning's board meeting again underscored the need for deposit insurance reform.

The staff projects the BIF could fall below the 1.25 threshold by the end of the year. This means that for the third time in a row, banks face uncertainty about budgeting for premiums. Replacing the hard target with a flexible range in a comprehensive reform package would allow the FDIC to eliminate this uncertainty for insured institutions.

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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 9,354 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.

FDIC press releases and other information are available on the Internet at www.fdic.gov or contact the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).

Last Updated 05/07/2003 communications@fdic.gov