“ABA opposes using the FDIC insurance fund as a mechanism to raise revenues. Premiums paid to the FDIC are a legitimate business expense, no different than any other insurance premium or other expenses such as salaries and benefits. The fund — which is a dedicated insurance fund protecting hundreds of millions of depositors — should never be used for political purposes.”
Camp’s proposal also includes other bank-related provisions, in particular a new 0.035 percent excise tax on all assets of Federal Reserve-designated systemically significant financial institutions with assets over $500 billion.
Read more about Camp’s proposal.
Read a section-by-section summary.
Read the trade group letter.