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Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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FDIC Chairman Donald E. Powell Welcomes New Board Members

PR-71-2005 (8-1-2005)
Media Contact:
David Barr (202-898-6992)

FDIC Chairman Donald E. Powell issued the following statement after the Senate voted to confirm the President’s nominees to three key federal financial agency positions.

"I welcome the announcement that the Senate has confirmed the nominations of John Dugan as Comptroller of the Currency, John Reich as Director of the Office of Thrift Supervision, and Martin Gruenberg as Vice Chairman of the FDIC. Each of these accomplished individuals brings a unique perspective and a broad range of experience to the FDIC Board of Directors."

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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 8,930 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, by subscription electronically (go to and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).

Last Updated 8/01/2005

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