Congressional Leaders Ready Deposit Insurance Hearings
Congressional banking leaders say they will pursue a new legislative initiative to reform the nation's deposit insurance system.
In the Senate on Wednesday, Banking Chairman Sen. Jake Garn, R-Utah, called a press conference to unveil a series of at least four hearings that will begin July 23.
On Tuesday, Banking Chairman Rep. Fernand J. St Germain, D-R.I., spoke on the House floor also announcing he would begin holding hearings on deposit insurance reform as well as other issues.
In explaining the need for insurance reform, Mr. Garn emphasized that he perceived "no crisis' requiring emergency …