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ICBA CEO Praises House for Clearing Strong FDIC Reform Measure

Legislation advances to House-Senate conference committee

Washington, D.C. (November 18, 2005) - President and CEO of the Independent Community Bankers of America (ICBA) Camden R. Fine issued the following statement on the U.S. House of Representatives clearing the budget reconciliation bill which includes ICBA-backed comprehensive federal deposit insurance reform:

"After six years of persistent advocacy by ICBA and community bankers, we are heartened that we are a significant step closer towards enactment of measures that would modernize the federal deposit insurance system.

"In addition to giving the FDIC greater flexibility in maintaining a more resilient deposit insurance system, this legislation will go a long way to meet the modern day financial needs of everyday depositors, retirement savers and local economies. We are particularly pleased that the House bill recognizes the need for automatic coverage increases to ensure that deposit insurance maintains its value to consumers.

"Community bankers are hopeful of enactment of deposit insurance reform before the New Year."