Political Quotes

“I want to stress the great consensus of opinion on most aspects of this deposit insurance legislation... it is 10 percent of this bill that has caused 90 percent of the problems for certain members of the committee. What I want to address, first of all, is that 90 percent of the bill which I find really no opposition for, and I want to stress those things because I think they are the heart of this bill. The first one is that we merge the bank and thrift insurance funds. That would not only diversify the risk, and everyone agrees on that, the Treasury, the Federal Reserve, both the Senate and the House, because the BIF reserve ratio has recently declined to 1.26. So by combining these funds it reduces the risk that any of our financial institutions will have to pay any premiums in the future. It reduces that risk. So whatever else happens, this legislation will reduce the risk of paying premiums to the majority of our institutions.”