Today, U.S. Sen. Saxby Chambliss, R-Ga., released the following statement after the Government Accountability Office (GAO) and the inspector general of the Federal Deposit Insurance Company (FDIC) released their study on the causes of recent bank failures in 10 states across the country, and the role of the FDIC in resolving those failures. The report confirms that "the financial crisis had devastating impacts on the banking industry, businesses, communities, and consumers."
"I am pleased that the FDIC inspector general and the GAO have finalized their reports on the causes of bank failures and the methods used by the FDIC to resolve those bank failures," said Chambliss. "As this report shows, the FDIC has already made changes to the bank resolution program at the request of the inspector general. While some communities have fared better than others, Georgia has made strides toward economic recovery, despite the devastating blow that the banking industry received."
The results of the GAO study can be found at http://www.gao.gov/assets/660/651155.pdf. The results of the FDIC IG study can be found at http://www.fdicoig.gov/reports13%5C13-002EV.pdf.