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Letter: Representative James P. Moran on H.R. 3717 |
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Written by James Landrith
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Wednesday, 08 May 2002 |
May 8, 2002
Representative James P. Moran
James Landrith
PO Box 8208
Alexandria, VA 22306-8208
May 8, 2002
The Honorable James P. Moran
U.S House of Representatives
2239 Rayburn House Office Building
Washington, DC 20515-4608
Dear Representative Moran:
I strongly urge you to oppose any efforts to gut or remove the "Free Rider" provision sponsored by Rep. Bob Ney from H.R. 3717, the "Federal Deposit Insurance Reform Act of 2002." This provision was included in H.R. 3717 in response to the growing practice of securities firms transferring tens of billions of dollars into FDIC-insured deposit accounts at banks they control. Because these companies were not required to pay premiums to cover these new deposits, this practice of free riding has dangerously diluted the deposit insurance funds. The Ney Free Rider provision would curb such practices in the future.
Please contact House Financial Services Committee Chairman Mike Oxley and urge him to preserve the Ney Free Rider provision in H.R. 3717 as the bill moves to the House floor for action. If you have any questions about this issue, please contact the Government Relations Department at America's Community Bankers at (202) 857-3100. Thank you.
Sincerely,
James Landrith
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