Bank Industry Restructuring

The committee heard testimony from the chairman of the Federal Reserve, Alan Greenspan, and the head of the Federal Deposit Reserve… read more

The committee heard testimony from the chairman of the Federal Reserve, Alan Greenspan, and the head of the Federal Deposit Reserve Corporation, William Seidman, on efforts to restructure the nation’s banking industry to limit the impact of failing banking institutions on consumers and other banks. Mr. Seidman said the Federal Deposit Insurance Corporation was “below the safety level,” and the General Accounting Office’s audit of the FDIC showed it may have only half of the $8.4 billion figure produced by the FDIC in late 1990. He said the new figures may put additional pressure on Congress to move faster on legislation concerning the banking industry. Mr. Greenspan spoke on the Bush administration’s proposal to increase the borrowing authority of the FDIC to $70 billion, $25 billion of which could be loaned by the Federal Reserve. He dismissed the use of the Federal Reserve as a source for FDIC funds, saying there was no reason to use sources other than the Treasury. Borrowing from the Federal Reserve would set a precedent which may eventually reduce the Federal Reserve’s available funds, thus limiting their ability to manipulate interest rates. close

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Bank Industry Restructuring

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Program ID:
17687-1
Category:
Senate Committee
Format:
Senate Committee
Location:
Washington, District of Columbia, United States
First Aired:
Apr 24, 1991
Last Aired:
Apr 27, 1991

Airing Details

  • Apr 24, 1991 | 4:04am EDT | C-SPAN 2
  • Apr 25, 1991 | 2:37pm EDT | C-SPAN 1
  • Apr 27, 1991 | 12:50pm EDT | C-SPAN 1
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Bank Industry Restructuring

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