When the FDIC chief was 6, she discovered bank vaults aren’t stuffed with cash. Her unpopular conclusion: “There’s no money in the bank!”
Bair recounted the story Tuesday before the annual meeting of the Independent Community Bankers of America. She spent the bulk of the speech defending banking policy, ranging from the unpopular Dodd Frank Act to the long-running consolidation of small banks, before an audience that wasn’t expected to be all that friendly.
But perhaps in a bid to soften up this tough crowd, she started by recalling her youth in Independence, Kan., where her father regularly deposited the earnings from his medical practice at the local bank.
Sadly, Bair doesn’t get into the details of that talk. Maybe next time.
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