Rep. Capito Comments on Renewed Negotiations on Financial Rescue

Press Release

Rep. Shelley Moore Capito (R-WV) released the following statement today regarding news that federal deposit insurers have requested an increase in insurance amounts and reports that the Securities and Exchange Commission is discussing adjustments to the mark-to-market rule:

"I'm pleased by the news that the federal government has asked Congress to increase the amount that financial institutions can insure on their customers' deposits," said Capito. "This move could help ensure that West Virginians' checking and savings accounts are shielded and protected, providing confidence to consumers and taking this concern off the table.

"I'm also encouraged by reports that the SEC will be reviewing some of the financial market accounting rules to make it easier for our West Virginia financial institutions to stay ready for any market situation. Although, accounting terms like mark-to-market aren't easily recognizable to the average taxpayer, these potential changes may help to ease stress on the financial markets.

"Each of these adjustments present the possibility of good news because they can help address ongoing financial challenges without an immediate cost to the taxpayers. I'll be following these issues closely as the Senate votes this evening and the House reconvenes tomorrow, but I continue to remain concerned about the amount of tax dollars such a proposal would involve and believe we must have more substantial oversight of this sort of program."

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