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McHenry Statement on FDIC Calls to Expand Deposit Insurance
Washington,
May 1, 2023 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding calls from the Federal Deposit Insurance Corporation (FDIC) to expand federally backed deposit insurance.
“I’m glad to see the FDIC recognize that any changes to deposit insurance must come from Congress in the form of legislation,” said Chairman McHenry. “As we evaluate proposals about deposit insurance, it’s critical that policymakers be thoughtful and deliberate. As the FDIC’s own report notes, expanding deposit insurance includes tradeoffs, including costs imposed on customers and significant moral hazard risks. It’s concerning that the FDIC is immediately jumping to the conclusion that a public sector solution is the only viable option, rather than considering private sector options that address the specific needs of large companies. The House Financial Services Committee will continue to evaluate all options to ensure Americans’ confidence in the safety and soundness of our banking system.”
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