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

FOR IMMEDIATE RELEASE
PR-30-2003 (4/02/2003)
Media Contact:
Phil Battey (202) 898-6993

"We're pleased the House resoundingly passed a deposit insurance reform bill today that is good for the American people, good for our country's banking industry and good for the FDIC. We look forward to working with the Senate to ensure this important bill becomes law."

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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. The FDIC receives no federal tax dollars -- insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).

Last Updated 04/02/2003 communications@fdic.gov