Reps. Barr and Hill Press FDIC Withdrawal of Brokered Deposits Rule

Washington, DC - Yesterday, U.S. Representatives Andy Barr (R-KY-06) and French Hill (R-AR-02) led their Republican colleagues on the House Financial Services Committee in urging Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation (FDIC), to withdraw the partisan proposal released in July which would rewrite the rules governing brokered deposits.

"This FDIC rule would likely force banks, including ones that do not face restrictions on acceptance of brokered deposits, to significantly alter their liability structures," said Reps. Barr and Hill. "The proposal does not address the actual risks that contribute to bank instability."

To read the full letter, click here.

To read the Representatives' exclusive with American Banker, click here.