ABSTRACT

State of the FDIC: Deposit Insurance, Consumer Protection, and Financial Stability, Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, First Session on Examining the State of the FDIC, June 30, 2011   [open pdf - 2MB]

From the opening statement of Tim Johnson: "Today we welcome back Sheila Bair, Chairman of the FDIC [Federal Deposit Insurance Corporation], to the Committee for the last time in her current position. Chairman Bair's time at the FDIC has been historic. Our Nation experienced a financial crisis of a magnitude not seen since the Great Depression, and Chairman Bair played a critical part in helping us navigate out of the crisis. Chairman Bair, you succeeded in maintaining public confidence in bank deposits, overseeing the resolution of over 300 failed banks with over $600 billion in assets, monitoring banks' liquidity needs, developing programs to stabilize the banking sector, and unfreezing credit markets. I applaud you for your astute management of these tasks. Also, not only were you and your staff instrumental in the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, you have skillfully guided the FDIC as it assumes new, significant responsibilities. The FDIC is now a voting member of the Financial Stability Oversight Council, is in charge of the resolution of large, systemically important financial institutions, and insures each bank account of Americans up to $250,000. During your tenure the American people were fortunate to have a strong consumer advocate leading the way at the FDIC. You sounded the alarm about the threat of foreclosures and the need for loan modifications before the crisis hit, targeted high-risk mortgage products before other regulators, and led the way to find innovative solutions to include the unbanked and underbanked in the traditional banking system. And to give more emphasis to consumer protection, you pushed for the creation of the Division of Depositor and Consumer Protection within the FDIC." Statements, letters, and materials submitted for the record include those of the following: Tim Johnson, Richard C. Shelby, Kay Hagan, Patrick J. Toomey, Wayne A. Abernathy, and William B. Grant.

Report Number:
S. Hrg. 112-303; Senate Hearing 112-303
Publisher:
Date:
2012
Copyright:
Public Domain
Retrieved From:
Government Printing Office, Federal Digital System: http://www.gpo.gov/fdsys/
Format:
pdf
Media Type:
application/pdf
URL:
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