To the editor:
We are writing to note a serious misunderstanding in an article in your paper on Nov. 6 ("A Liberal Democrat with Bank Constituents," page 4) which incorrectly characterizes our position on FDIC premium reductions when reserves reach $1.25 per $100 of insured deposits.
We take no issue with the stated position of our colleague, Congresswoman Maloney, on this issue. However, we were emphatically not opposed to the premium reduction.
Indeed, our efforts were to actively work to refine initial proposals so that banks, the FDIC, and Democratic and Republican members of the (House Banking) Committee generally supported it. We deliberately modified the payment structure to facilitate an equitable and sound bank premium rebates policy. We were not opposed to rebates as the article states.
Rep. Bruce F. Vento
Democrat of Minnesota
Rep. John J. LaFalce
Democrat of New York