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By Stephen Labaton and Stephen Labaton,New York Times News Service | March 24, 1991
WASHINGTON -- The government's senior auditor sharpl criticized last week the administration's proposal to bolster the dwindling bank insurance fund by extending its borrowing authority to $70 billion.Charles A. Bowsher, the comptroller general, said extending the fund's borrowing ability was an unrealistic to handle the growing crisis that would "ultimately hurt the administration's credibility.""I've been through taxpayer bailouts before, and this is how they often get started," Mr. Bowsher said Friday, referring to the savings and loan bailout.
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BUSINESS
By Jim Puzzanghera and Jim Puzzanghera,Los Angeles Times | October 8, 2008
WASHINGTON - When it comes to the money in your bank account, security has a price. And it's going up. With the failure of IndyMac Bank and a dozen other institutions draining the government's deposit insurance fund well below its mandated level - and projections of more failures to come - federal regulators moved yesterday to replenish the fund, giving initial approval to a five-year plan that would more than double the amount banks pay to insure their...
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NEWS
June 15, 1991
The worse the banking crisis becomes, the less it seems we can expect in the way of comprehensive reform of the industry. As the year began, President Bush put high hopes on the most sweeping overhaul of the U.S. financial system since the New Deal. Now he may have to settle for a replenishment of the Federal Deposit Insurance Corporation's fast-dwindling funds and, if things fall his way, for a green light to permit banks to open branches across state lines.Last month, the administration was ecstatic when a House Banking subcommittee approved other key elements of its huge reform package, especially provisions that would permit almost any kind of corporation to buy banks that, in turn, would be permitted to underwrite securities and insurance.
BUSINESS
August 11, 1993
Bank insurance fund recoversRecord bank profits and plummeting failures have allowed the fund that insures deposits to build up to $6.8 billion and repay the last of the money it borrowed from taxpayers.The fund's balance, up from $1.2 billion three months ago and a $101 million deficit six months ago, is the best in three years, the Federal Deposit Insurance Corp. said yesterday. A year and a half ago, the fund was $7 billion in the red.U.S. workers' productivity fallsAmerican worker productivity tumbled at the steepest rate in more than four years from April through June, but analysts predicted modest gains during the second half of 1993 as the economy improves.
BUSINESS
By New York Times News Service | December 19, 1990
WASHINGTON -- Moving to shore up the ailing fund that protects bank deposits, Federal Deposit Insurance Corp. asked Congress yesterday for the authority to charge banks premiums based on their financial health rather than their size.The theory is that a fee structure in which weaker banks pay more than sound ones would discourage risk-taking and speculative investments, as private insurance is thought to do with other industries. Since the bank insurance fund was created in 1934, banks have been charged a flat fee based on the amount of insured deposits.
BUSINESS
By New York Times News Service | September 27, 1990
WASHINGTON -- The Bush administration said yesterday that restrictions should be placed on insurance coverage of deposits at banks and suggested that the insurance premiums paid by the banks be pegged to the risk involved in their investments and loans.In presenting the administration's latest views before the Senate Banking Committee yesterday, Treasury Undersecretary Robert R. Glauber said that the current level of deposit protection, $100,000 per account, should not be lowered.But he added that the government should close loopholes that permitted virtually unlimited coverage through multiple accounts held by individuals, pension funds and institutions.
BUSINESS
By Chicago Tribune | October 11, 1990
WASHINGTON -- In an ominous forecast for taxpayers, the Bush administration has quietly estimated that the dwindling federal fund that insures bank deposits is much closer to insolvency -- and a publicly financed bailout -- than had been generally thought.The administration's projections imply a continuation of bank failures into the mid-1990s and predict that the Federal Deposit Insurance Corp.'s bank insurance fund will lose $6.1 billion in the next three years, even if insurance premiums are doubled.
BUSINESS
By New York Times News Service | June 19, 1992
WASHINGTON -- Offering an election-year gift to the banking industry, the Bush administration will introduce legislation to repeal provisions of last year's banking law that the banks say are too onerous.Administration officials are packaging the legislation, which is expected to be sent to Capitol Hill next week, as a measure that would make credit more easily available. Some banking groups have said it would result in more jobs.But the bill faces long odds, with little time left in the legislative session and many members of Congress wary of identifying themselves withthe Bush campaign's promotion of the president deregulator.
BUSINESS
By Knight-Ridder News Service | September 12, 1990
WASHINGTON -- The bank deposit insurance fund faces its most serious problems since its creation and could be wiped out by a recession or the failure of just one of the nation's biggest banks, a top government watchdog reported yesterday.The General Accounting Office, the investigatory arm of Congress, said the $11 billion insurance fund could require a taxpayer bailout in the next few years, just as the fund that covered savings and loan losses now needs one."We've got a lot of situations out there that could wipe the fund out," said Charles A. Bowsher, the GAO's director.
NEWS
By Karen Tumulty and Karen Tumulty,Los Angeles Times | November 5, 1991
WASHINGTON -- The House resoundingly defeated far-reaching banking overhaul legislation yesterday, dealing an apparent death blow to President Bush's efforts to rewrite the nation's Depression-era banking laws this year.After three days of debate, the bill failed on a 324-89 vote. The margin of defeat was more lopsided than had been expected; strong majorities of both Democrats and Republicans voted against the measure.Although the Bush administration had opposed the complex House bill, its defeat ensures that the House Banking Committee will have to start from scratch to develop a comprehensive banking measure.
BUSINESS
By New York Times News Service | June 19, 1992
WASHINGTON -- Offering an election-year gift to the banking industry, the Bush administration will introduce legislation to repeal provisions of last year's banking law that the banks say are too onerous.Administration officials are packaging the legislation, which is expected to be sent to Capitol Hill next week, as a measure that would make credit more easily available. Some banking groups have said it would result in more jobs.But the bill faces long odds, with little time left in the legislative session and many members of Congress wary of identifying themselves withthe Bush campaign's promotion of the president deregulator.
BUSINESS
By Stephen Labaton and Stephen Labaton,New York Times News Service | May 13, 1992
WASHINGTON -- Defying heavy pressure from both the Bush administration and the industry, federal regulators voted yesterday to raise the premiums that banks and savings associations pay to their insolvent insurance funds and to make fundamental changes in the way those premiums are assessed.The 3-2 decision by the Federal Deposit Insurance Corp. would raise premiums an average of 22 percent starting in January. And, for the first time since 1934, when the initial fund was set up in the wake of the bank collapses of the Depression, weaker institutions would pay a bigger increase than stronger ones.
NEWS
By Karen Tumulty and Karen Tumulty,Los Angeles Times | November 5, 1991
WASHINGTON -- The House resoundingly defeated far-reaching banking overhaul legislation yesterday, dealing an apparent death blow to President Bush's efforts to rewrite the nation's Depression-era banking laws this year.After three days of debate, the bill failed on a 324-89 vote. The margin of defeat was more lopsided than had been expected; strong majorities of both Democrats and Republicans voted against the measure.Although the Bush administration had opposed the complex House bill, its defeat ensures that the House Banking Committee will have to start from scratch to develop a comprehensive banking measure.
BUSINESS
By New York Times | October 16, 1991
WASHINGTON -- In his last full day as the nation's senior banking regulator, L. William Seidman said he would have left his post sooner had he not been assailed by the White House chief of staff, John H. Sununu."
NEWS
September 6, 1991
In tandem with likely passage of federal legislation permitting big banks to open branches throughout the country, the merger trend turning financial giants into behemoths is moving at whirlwind speed. The summer has seen three huge consolidations -- one in New York between Chemical Bank and Manufacturers-Hanover, one in the southeast quadrant between NCNB and C&S Sovran and now the latest on the West Coast between BankAmerica and Security Pacific. Only Citicorp will outrank them in assets.
BUSINESS
By Stephen Labaton and Stephen Labaton,New York Times News Service | August 7, 1991
WASHINGTON -- More than a year after the White House tried very publicly to remove him from office, L. William Seidman, the nation's senior bank regulator and a forcefully independent official, announced his resignation yesterday.The departure of Mr. Seidman promises a dramatic change in the way Washington supervises the banking and savings and loan industries at a pivotal time.In both style and substance, he has dominated the regulatory scene in recent years as a strong presence in Congress and with an alternately warm and cold and then warm again relationship with the administration since he was named chairman of the Federal Deposit Insurance Corp.
BUSINESS
By Stephen Labaton and Stephen Labaton,New York Times News Service | April 24, 1991
WASHINGTON -- The nation's senior auditor has found that the fund that protects bank deposits is in substantially worse shape than has been reported and may be worth only about half of the $8.4 billion that regulators previously calculated, a top banking official said yesterday.L. William Seidman, chairman of the Federal Deposit Insurance Corp., said yesterday in an interview that the General Accounting Office's annual audit of the bank insurance fund, to be released Friday, would show that the fund might be worth only about $4 billion to $5 billion.
BUSINESS
By Los Angeles Times | September 28, 1990
WASHINGTON -- The board of directors of the Federal Deposit Insurance Corp., concerned about the deteriorating health of the banking system, voted yesterday to raise by more than 60 percent the deposit insurance premiums commercial banks must pay.The unanimous vote by the five-member board to raise the premiums for next year to 19.5 cents per $100 of deposits came after an FDIC report yesterday showed that the government's bank insurance fund is suffering greater...
NEWS
June 15, 1991
The worse the banking crisis becomes, the less it seems we can expect in the way of comprehensive reform of the industry. As the year began, President Bush put high hopes on the most sweeping overhaul of the U.S. financial system since the New Deal. Now he may have to settle for a replenishment of the Federal Deposit Insurance Corporation's fast-dwindling funds and, if things fall his way, for a green light to permit banks to open branches across state lines.Last month, the administration was ecstatic when a House Banking subcommittee approved other key elements of its huge reform package, especially provisions that would permit almost any kind of corporation to buy banks that, in turn, would be permitted to underwrite securities and insurance.
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