The FDIC asked for more authority in bank failures.

In testimony before the Senate Banking Committee, Federal Deposit Insurance Corp. Chairman, L. William Seidman called on Congress to pass legislation empowering the Federal Deposit Insurance Corp. "to own and operate a bank for a limited period of time" while a buyer is being sought. Testifying at a hearing on deposit insurance reform, Seidman said such legislation would make it easier for the FDIC to allow a big bank to fail without triggering a banking industry crisis.

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