We must ensure that banks of all sizes pay deposit insurance premiums based on the risk they pose to the system." - Hutchison
WASHINGTON D.C. The U.S. Senate today unanimously passed a bipartisan amendment to the Financial Stability Bill (S. 3217) introduced by U.S. Senators Kay Bailey Hutchison (R-TX) and Jon Tester (D-MT) and cosponsored by 20 members that would ensure that safe community banks and large financial institutions are treated equally when assessing FDIC (Federal Deposit Insurance Corporation) insurance premiums.
This amendment ensures that large banks pay their fair share in deposit insurance premiums and community banks are not over assessed. We must allow our community banks who did not engage in the risky deals that caused the financial crisis to continue to provide lending and depository services to credit-worthy American families and small businesses" Sen. Hutchison said.
This amendment is good news for the small banks that make rural America run. Our economy almost collapsed two years ago because of the irresponsible actions of greedy Wall Street banks while rural community banks lived within their means and played by the rules. This amendment ensures rural community banks arent left holding the bag for Wall Street" Sen. Tester said.
The Senate passed the Hutchison-Tester amendment 98-0.
