Dusty Johnson: “last year, I joined with Senators Enzi, Hagel and Allard to introduce S. 1562, the Safe and Fair Deposit Insurance Act…”

“last year, I joined with Senators Enzi, Hagel and Allard to introduce S. 1562, the Safe and Fair Deposit Insurance Act of 2005, legislation to overhaul and reform this country's deposit insurance system. I also wish to thank Senator Ben Nelson for joining us as a cosponsor. I have been closely tied to deposit insurance reform for many years, and I am pleased to see that my strong commitment to this issue will result in the enactment of critical reforms that will provide tangible benefits to financial institutions and their customers. Many of my colleagues on the Banking Committee will recall when I first introduced the Main Street Act back in 2000. We have come a long way since then. The legislation that is now making its way to President Bush's desk is the result of many years of debate and careful deliberation, and has garnered strong bipartisan support along the way. The enactment of this legislation will mark a notable milestone in the history of banking and financial services in this country. Deposit insurance is one of the cornerstones of our country's financial system, and it is especially critical to our Nation's smaller financial institutions and community banks. I am pleased that we are giving the Federal Deposit Insurance Corporation and the National Credit Union Administration the requisite tools to appropriately operate and manage the newly merged deposit insurance fund and assess premiums based on the risks that institutions pose to the system.…”