America's top financial regulators gave dissimilar answers on whether the government will guarantee bank deposits in excess of the FDIC's current $250,000 limit.
since the collapse of Silicon Valley Bank, when many corporate customers feared they'd be unable to make payroll or other critical business expenses.
The U.S. government chose to backstop SVB deposits, but didn't extend the policy to future bank failures.What they're saying: Fed chair Jerome Powell on Wednesday told reporters: "You've seen that we have the tools to protect depositors when there's a threat of serious harm to the economy or to the financial system. and we're prepared to use those tools. And I think depositors should assume that their deposits are safe.", however, told senators at around the same time that blanket deposit insurance "is not something that we have looked at ... in any way."D.C.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yellen says Treasury isn’t working on expansion of FDIC deposit insuranceTreasury Secretary Janet Yellen on Wednesday said her agency hasn’t looked at expanding FDIC deposit insurance. Yellen is testifying in the Senate, where she...
Read more »
US officials study ways to expand FDIC coverage to all deposits -Bloomberg NewsU.S officials are looking at ways to temporarily expand Federal Deposit Insurance Corp (FDIC) coverage to all deposits, Bloomberg News reported on Monday.
Read more »
Regional and community banks rally to call for FDIC backupMid-sized regional banks and community banks around the country are urging regulators to consider lifting the FDIC's threshold for uninsured deposits after they granted exceptions.
Read more »
Treasury Explores Emergency Powers To Expand FDIC Coverage Amid Contagion Concerns, Report SaysThe move to expand FDIC protections to cover all deposits in U.S. banks is likely to face pushback from House Republicans.
Read more »
SVB Financial Group accuses FDIC of cutting it off from cashSVB Financial Group said on Tuesday the U.S. Federal Deposit Insurance Corporation had taken 'improper actions' to cut it off from cash held at its former subsidiary Silicon Valley Bank, which was seized by regulators to stem a national bank run.
Read more »
SVB collapse: Influential lawmakers call to lift $250,000 cap on FDIC deposit insuranceProminent lawmakers are now calling for an increase in FDICgov's $250,000 insurance limit amid the continuing fallout from SVB’s collapse. SenWarren said raising the cap is a 'good move.' “Perhaps that’s not enough,” SenatorRounds said of the limit.
Read more »