Dispelling all thoughts of fairness and equity existing in Washington evaporated with the announcement of this “reform” plan. Perhaps it should be renamed the “let’s see if we can get the suckers [the public] to pay for more bank failures.” Did you and I forget the “Savings and Loan Mess” of the 80s?
Why not start a conversation about who should pay when financial institutions fail, and we should take this opportunity to point this out. Never mind merging the insurance funds, make the banks stand on their own. The one thing we should be on guard for is a midnight move to incorporate this “reform” with some other related or unrelated legislation our vigilance will be reward enough if this move is attempted.
C. Richard Wagner, Director, Municipal Credit Union, New York.
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