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ICBA Applauds Passage of Deposit Insurance Bill

Washington, D.C. (April 27, 2005) - The Independent Community Bankers of America (ICBA) applauded the House Financial Services Committee today for passing H.R. 1185, the Federal Deposit Insurance Reform Act of 2005. "This is an important bill for America's consumers and the stability of our financial system," said ICBA Chairman David E. Hayes, president of Security Bank in Dyersburg, Tenn.

The bill would reform and strengthen the Federal Deposit Insurance System that protects depositors in banks, thrifts and credit unions from extraordinary loss. It also raises FDIC coverage levels to prevent deposit flight out of local communities.

"The strength of our nation is our local communities, and this legislation will help keep more deposits in our local communities working for its citizens," Hayes added.

Hayes had special praise for the bill's sponsors-Rep. Spencer Bachus (R-Ala.), Chairman Mike Oxley (R-Ohio) and Ranking Minority Member Barney Frank (D-Mass.). "These lawmakers demonstrated tremendous skill and leadership in keeping crippling amendments off the table during markup," he said. "It's good to have leaders like that on your side."