MALONEY COVERAGE AMENDMENT OFFERED IN FINANCIAL SERVICES COMMITTEE

Apr 16, 2002
Press Release
Washington, D.C.- Today, the House Financial Services Committee rejected by voice vote an amendment offered by Congresswoman Carolyn B. Maloney (D-NY) to H.R. 3717, The Federal Deposit Insurance Act of 2002.
"Federal Reserve Chairman Greenspan, Secretary O'Neill, and Chairman Powell are right -- we do not need a major increase in deposit insurance coverage right now. The banking system is strong, and we don't need the threat of increased premiums and new risk to the taxpayers," said Congresswoman Maloney in a statement today.

The Maloney Amendment would have done the following:

. Maintained basic deposit insurance amount at $100,000.

. Set the level of retirement account coverage at $200,000.

. Indexed both to keep up with inflation.



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