Doug Ose: “I think the gentleman from Alabama started out very accurately reflecting the broad consensus on 90 percent of this…”

“I think the gentleman from Alabama started out very accurately reflecting the broad consensus on 90 percent of this bill, and I think he closed here just this moment with a very eloquent case as to why we need to stop the free rider practice from continuing, but the free rider issue is not related to the deposit insurance level issue. They are two separate issues, and they need to be considered separately. I would just for clarification, I think the gentleman from Alabama did say that few, if any, banks had failed; and I will say that to my recollection that Continental Bank failed and that there were a lot of banks in agricultural areas around this country that failed. Manufactures Hanover I think had its doors closed, related to the risk that they undertook in taking the increase in deposits, they received subsequent to the jump up in 1982 and trying to put them to work to defray the added costs that they bore from carrying those deposits. So I agree with him on the free rider thing. But the free rider issue is separate from the deposit insurance increase issue, and I want to be clear about that. The average size in a deposit account, a demand account across this country is about $10,000, $10,000, not $100,000, not $130,000.”