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B-334745 Nov 07, 2022 1 (2022-11-07)

handle is hein.gao/gaonvz0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334745 November 7, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Federal Deposit Insurance Corporation: Assessments, Revised Deposit Insurance Assessment Rates Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Deposit Insurance Corporation (FDIC) entitled Assessments, Revised Deposit Insurance Assessment Rates (RIN: 3064-AF83). We received the rule on October25, 2022. It was published in the Federal Register as a final rule on October 24, 2022. 87 Fed. Reg. 64314. The effective date is January 1, 2023. FDIC states that the final rule increases initial base deposit insurance assessment rate schedules by 2 basis points, beginning in the first quarterly assessment period of 2023. FDIC further states that the increase in assessment rate schedules will increase the likelihood that the reserve ratio will reach the statutory minimum of 1.35 percent by the statutory deadline of September 30, 2028, consistent with FDIC's Amended Restoration Plan, and is intended to support growth in the Deposit Insurance Fund (DIF) in progressing toward FDIC's long-term goal of a 2 percent Designated Reserve Ratio (DRR). Enclosed is our assessment of FDIC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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