A legislative committee holds an informational hearing on the safety and soundness of Wisconsin's financial institutions.
The Senate Committee on Financial Institutions is gathering information to gain a Wisconsin-specific perspective on the condition of the banking and real estate sectors of the economy, to balance what we've heard and read about on the national level.
"The problem is that this information is based on the national picture. While it is important to keep that in mind, it isn't always indicative of the conditions in our own state."
Andrea Gage with the office of Committee Chair, Senator Jim Sullivan, says residents are faced with an onslaught of stories of economic crisis and a bad housing market, but it's important to look more closely at the best plan for our state's economic future.
"What we've been hearing is that Wisconsin lending practices have been more conservative than in other states. Our regulatory policies and practices — and those who enforce them — are an example to other states on how to create a safe and sound economic environment."
Kurt Bauer, Wisconsin Bankers Association president says the hearing is an opportunity to correct many misperceptions the public has about Wisconsin's FDIC banks.
Also invited to speak include representatives from the Wisconsin Realtors Association, Mortgage Bankers and Credit Unions.