[Congressional Record Volume 141, Number 147 (Wednesday, September 20, 1995)]
[House]
[Page H9250]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                     INTRODUCTION OF BIF-SAIF BILL

  (Mrs. ROUKEMA asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)
  Mrs. ROUKEMA. Mr. Speaker, yesterday, I introduced legislation that 
will have a monumental impact on the financial services industry and 
depositors. Its purpose is to provide a comprehensive reform of the 
deposit insurance funds and will merge the bank and thrift charters. 
This BIF-SAIF legislation reflects the hard work of a bipartisan 
working group of the Financial Institutions Subcommittee, which I 
chair, that was developed over the last several months.
  Since the spring, the subcommittee has held three hearings on BIF-
SAIF. The last of these hearings brought forth strong support for a 
comprehensive approach to the problem, which this legislation being 
marked up today represents.
  In brief, the legislation provides a financial solution to the 
problem of the insurance funds similar to that proposed by the 
administration. It recapitalizes the SAIF and through the use of a one-
time special assessment of SAIF members. It spreads the FICO costs 
proportionately among all members of the FDIC as of the date of 
enactment. In addition, it merges the BIF-SAIF.
  What is critical here, is that it goes beyond the administration-
sponsored financial fix and merges the bank and thrift charters on 
January 1, 1998, requiring thrifts to convert to banks.
  This legislation will have a monumental impact on the financial 
services industry and provides a comprehensive solution to a complex 
problem. This bill will ensure that we do not see a repeat of the 
savings and loan debacle of the 1980's. It is a fair and balanced 
approach that will prevent the need for any future bailouts of the 
thrift industry.
  I urge my colleagues' cosponsorship.
  It is of vital concern to the banks the S&L's and the depositors and 
taxpayers.


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