WASHINGTON - Senate Banking Committee Chairman Alfonse M. D'Amato has introduced legislation that would strip federal deposit insurance coverage from the controversial Retirement CD.

"I remain extremely concerned about the threat this product could pose to the bank insurance fund," the New York lawmaker said on the Senate floor recently. "The fund must not be used as a safety net for untested and uncertain investment vehicles."

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.