WASHINGTON — Former BB&T Chief Executive John Allison, a top candidate for the next Treasury secretary, reiterated Tuesday that policymakers should consider eliminating or reducing the deposit insurance level.

"We could reduce deposit insurance significantly. Ninety-five percent of consumers in this country have less than $50,000 in the bank," Allison said Tuesday during an interview on CNBC.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.