President Joe Biden has insisted that no taxpayer money will be used for 'bailing out' banks.
If necessary, the insurance fund will be replenished by a "special assessment" on banks, the FDIC, Fed and Treasury said in a joint statement. Though the cost of that assessment could ultimately be borne by bank customers, it's not clear how much money would be involved.
"It's going to require us to revisit the entire bank regulatory framework," Judge said. "That's far more significant than the modest costs that other banks will pay."President Joe Biden has insisted that no taxpayer money will be used to resolve the crisis.
The Fed's lending program to help banks pay depositors is backed by $25 billion of taxpayer funds that would cover any losses on the loans. But the Fed says it's unlikely that the money will be needed because the loans will be backed by Treasury bonds and other safe securities as collateral. "It's not a bailout as happened in 2008," Sen. Richard Blumenthal, a Democrat from Connecticut, said this week while proposing legislation to toughen bank regulation. "It is, in effect, protection of depositors and a preventive measure to stop a run on other banks all around the country."
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.
PolitiFact - President Joe Biden flip-flopped on allowing new oil and gas drilling on federal landsIn 2020, Biden said there would be “no more drilling on federal lands.” This month, his administration allowed a company to proceed with plans to drill up to 199 wells for oil and gas in Alaska. We rate this change in position a Full Flop.
Read more »
PolitiFact - President Joe Biden flip-flopped on allowing new oil and gas drilling on federal landsIn 2020, Biden said there would be “no more drilling on federal lands.” This month, his administration allowed a company to proceed with plans to drill up to 199 wells for oil and gas in Alaska. We rate this change in position a Full Flop.
Read more »
March Madness: President Joe Biden sneaks in NCAA tournament brackets after first game tipsPresident Joe Biden is a busy man.
Read more »
Will Americans end up footing the bill for bank failures?President Joe Biden has insisted that no taxpayer money will be used for 'bailing out' banks.
Read more »
Will Americans end up footing the bill for bank failures?The response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it?
Read more »
Businesses Expect Joe Biden's Inflation to Significantly RiseBusiness leaders expect President Joe Biden’s inflation to rise more than expected in March, according to the Federal Reserve Bank of Atlanta’s business inflation expectations (BIE).
Read more »