Such comments may sound out of place today. Times are good, and almost everyone seems quite satisfied with the current deposit insurance system. But good times may be precisely when we should develop ideas for an even more effective system.
The crucible of a crisis is not always the best time to think up reforms - witness the error we made in passing the Glass-Steagall Act, an error we have yet to correct after 65 years! Indeed, it is in part for this very reason that the Board continues to urge Congress to pass financial modernization legislation.