We urge the Congress to use that framework for promptly developing a detailed legislative proposal that addresses the most important deficiencies in our current deposit insurance system. I hope my comments this morning will be helpful in doing so.
Benefits and costs of deposit insurance As background to our suggestions, the Board believes it is important first to understand the benefits and costs of deposit insurance. Deposit insurance has played a key – at times even critical – role in achieving the stability in banking and financial markets that has characterized the past almost seventy years.