Republican members of the House Financial Services Committee are seeking more information from the Federal Deposit Insurance Corporation (FDIC) on deposit insurance reform.
In a letter to FDIC chairman Travis Hill, the Republican members asked the FDIC to answer a series of questions on deposit insurance data. The objective is so that Congress can better understand the current data available and the FDIC’s capacity to fully estimate the feasibility and impact of various proposals.
“It is imperative that Congress has sufficient and accurate data to evaluate any potential reforms to the U.S. deposit insurance framework,” the letter states. “The House Committee on Financial Services seeks to follow a data-driven approach to this issue.
“Upon review of the Consolidated Reports of Condition and Income, there appears to be a lack of sufficiently granular data to ensure that any potential reforms to the deposit insurance framework are (1) made in response to clearly defined concerns, (2) primed for precise and effective implementation, and (3) made with an accurate and comprehensive understanding of potential costs.” the letter adds.
The letter was signed by Reps. French Hill (R-AR) and Bill Huizenga (R-MI), committee chairman and vice chairman, respectively; Frank Lucas (R-OK), chairman of the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity; Ann Wagner (R-MO), chairman of the Subcommittee on Capital Markets; Andy Barr (R-KY), chairman of the Subcommittee on Financial Institutions; Warren Davidson (R-OH), chairman of the Subcommittee on National Security, Illicit Finance, and International Institutions; Bryan Steil (R-WI), chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence; Dan Meuser (R-PA), chairman of the Subcommittee on Oversight and Investigations; and Mike Flood (R-NE), chairman of the Subcommittee on Housing and Insurance.