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ICBA Statement on Deposit Insurance Reform Legislation Passing the House

Washington, D.C. (May 4, 2005) - Camden R. Fine, the president and CEO, of the Independent Community Bankers of America, issued the following statement today upon House passage of H.R. 1185, the Federal Deposit Insurance Reform Act of 2005:

ICBA congratulates the House for once again overwhelmingly adopting ICBA-backed legislation to strengthen and reform the Federal Deposit Insurance program. We also congratulate the bill's authors and managers - Chairman Bachus, Chairman Oxley, Ranking Member Frank, and Rep. Hooley - for their strong leadership on this bill.

Deposit insurance has been the stabilizing force of our nation's banking system for 70 years. It promotes confidence in our nation's banks by providing a safe and secure depository for small businesses and individuals alike.

We commend the House for speaking clearly on this issue and passing a fair, strong and balanced bill that will ensure that future generations of America's savers and depositors will continue to benefit from a system that has served this nation's financial institutions for so long.

House passage of H.R. 1185 is an important step forward in bringing the deposit insurance system into the 21st century.

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