New York Times: Senate Passes Bank Insurance Amendment
In a sign of forward motion in its bid to revamp the nation’s financial regulatory system, the Senate on Thursday unanimously approved an amendment to change the way the Federal Deposit Insurance Corporation calculates its assessment on banks to cover losses when banks fail.
The amendment, sponsored by Senator Jon Tester, Democrat of Montana, was approved by a vote of 98 to 0. It will essentially force bigger banks to pay more for deposit insurance, a break for smaller banks.
“This amendment will make sure rural community banks pay only their fair share when it comes to federal bank insurance,” Mr. Tester said in a statement after the vote. “It’s good news for the small banks that make rural America run. And for the people, small businesses and farmers and ranchers that depend on those banks.”
