Financial Industry Restructuring
The subcommittee heard testimony from Mr. Seidman, chairman of the Federal Deposit Insurance Corporation, on restructuring of the financial … read more
The subcommittee heard testimony from Mr. Seidman, chairman of the Federal Deposit Insurance Corporation, on restructuring of the financial industry. Mr. Seidman advocated an eleven point plan to protect bank deposits, a function usually served by the FDIC, which is experiencing financial difficulties due to the number of recent bank failures. Mr. Seidman described his plan to secure bank deposits in the short term and his long term plan to reconstruct the financial capital of the Federal Deposit Insurance Corporation. His plan involved increasing the amount of money the FDIC could borrow from the Treasury from $5 billion to $20 billion. Mr. Clarke characterized the hearing as being oriented towards remaking a financial system which had ceased to function adequately in recent years. He advocated entirely new and comprehensive solutions to solve the problems of the U.S. banking system rather than patchwork repairs to the existing system. close
People in this video
- Dan Donohue Representative Duff and Phelps
- John Laware Member Federal Reserve->Board of Governors
- Robert Swanton Vice President Standard and Poor's
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