Upper Cumberland Times

Washington, DC –On May 11, U.S. Representatives John Rose (R-TN), a member of the House Financial Services Committee and former board member of a national bank, released the following statement on the Federal Deposit Insurance Corporation’s (FDIC) proposed rule which would implement a special assessment to recover the cost associated with the failures of Silicon Valley Bank and Signature Bank

“I want to thank the FDIC for listening to my call to exempt small community banks like the ones in Tennessee from having to pay for the mistakes of Silicon Valley Bank, Signature Bank, and the regulators who missed their opportunity to conduct proper oversight,” said Rep. Rose. “Since the failure of these two large banks, I have heard concerns from well-managed community banks across Tennessee who were worried about having to foot the bill. I am proud to help deliver this resounding win.”

Background:

On March 29th, during a House Financial Services Committee Hearing entitled: The Federal Regulators’ Response to Recent Bank Failures, U.S. Rep. John Rose told FDIC Chairman Gruenberg, “I’d like to say that as you consider any new special assessment on banks to replenish the Deposit Insurance Fund that you use your special exemptive authority in implementing that assessment to ensure that Tennessee Bankers are not paying for the mistakes of California and New York Bankers serving wealthy real estate moguls and tech-related venture capitalists. Tennessee Bankers understand how to manage risks and should not be punished for the mistakes of these coastal banks.”

Watch U.S. Rep. Rose’s interaction with Chairman Gruenberg here.

U.S. Representative John Rose is currently serving his third term representing Tennessee’s Sixth Congressional District and resides in Cookeville with his wife, Chelsea, and their two sons, Guy and Sam. The Sixth District includes Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Sumner, Trousdale, Van Buren, and White counties as well as portions of Davidson, Scott, Warren, and Wilson counties. Representative Rose is an eighth-generation farmer, small business owner, and attorney, and currently serves on the House Financial Services Committee and House Agriculture Committee.

Original source can be found here.