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Public Statements

Federal Deposit Insurance Reform Act of 2005

By:
Date:
Location: Washington, DC


FEDERAL DEPOSIT INSURANCE REFORM ACT OF 2005 -- (House of Representatives - May 04, 2005)

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Mr. CANTOR. Mr. Chairman, I rise today to speak in favor of the Federal Deposit Insurance Reform Act. This important piece of legislation modernizes the insurance funds on which Americans depend.

The current amount of deposit insurance coverage has been the same since 1980, so it is important that we make these necessary increases to keep up with inflation and encourage people to save. This bill raises the coverage on savings and retirement accounts and gives reassurance to investors saving for their future.

Increasing the amount of deposit insurance coverage will benefit all banks, small and large, by providing more certainty to the investment community. It is important that we give every American peace of mind when placing their money in our savings system.

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