"In troubling economic times, people are struggling enough to keep money in the bank, so they shouldn't have to worry about the security of their funds if their bank is forced to close," said Rep. Burton. "This legislation would put into effect additional security to ensure bank customers' money is safe no matter what happens to the bank itself." Members from the Indiana Board of Depositories, Indiana Bankers Association and Indiana Department of Financial Institutions showed their support for the bill during the public hearing in last week's committee; saying the bill will not only secure public funds, but also prevent more liquidity issues. House Bill 1297 will soon head to the Senate for further discussion. If signed into law, the legislation will go into effect upon passage. To keep up-to-date on this legislation and other pieces, visit www.in.gov/legislative. |
