Chairman Scott Opening Statement at Deposit Insurance Reform Hearing

Senate Committee on Banking, Housing, and Urban Affairs · September 10, 2025

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Opening remarks on deposit insurance and potential reforms

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Unidentified Speaker thanked witnesses and opened the hearing by framing deposit insurance as central to public trust in banks, noting that since the 1930s no insured depositor has lost money and that “over 99% of all deposit accounts are fully insured under the FDIC.” The speaker cited the 2023 Silicon Valley Bank failures and said the government took extraordinary steps to cover uninsured deposits, warned that expanding insurance carries trade-offs for banks and the public, and urged careful, non-rushed evaluation of reforms.

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Speakers:Unidentified Speaker

Opening remarks to a Senate Committee hearing on deposit insurance, emphasizing the historical role of FDIC/NCUA protections, the 2023 Silicon Valley Bank failures, and cautioning that reforms have trade-offs and should not be rushed.

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No transcript available.