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{
    "id": 389500,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/389500/?format=api",
    "text_counter": 173,
    "type": "speech",
    "speaker_name": "Hon. Lati",
    "speaker_title": "",
    "speaker": {
        "id": 2762,
        "legal_name": "Jonathan Lelelit Lati",
        "slug": "jonathan-lelelit-lati"
    },
    "content": "Hon. Speaker, one of the pioneer countries in the deposit insurance scheme in the world is the United States of America (USA). This happened following the great depression of 1933. In that year, so many banks in the USA went under that, that country’s economy was exposed to a great danger. So, the USA legislature passed the Banking Act of 1933 in order to stop bank runs. When the President was pushing for the enactment of that law, he thought that he was solving the problem of bank runs alone. However, insurance of deposits helped, from that day, to secure the economy of the USA. That country’s economy became the best economy in the world from that day until today. That tells you how important this Bill is for our country. It is timely that we have it now."
}