"Push for Expanded FDIC Coverage Gains Momentum Among US Officials and Banks"
TL;DR
US Treasury officials are exploring ways to temporarily expand FDIC coverage to all deposits, using emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress. The Exchange Stabilization Fund is being considered as a legal framework for expanding FDIC insurance. While authorities do not see such a move as a necessity yet, they are still developing a strategy out of due diligence in case the situation worsens.
Topics:businessfinance#deposit-insurance#emergency-authority#exchange-stabilization-fund#fdic#finance#us-treasury
- US officials study ways to expand FDIC coverage to all deposits: Report The Economic Times
- US Studies Raising FDIC Bank Deposit Guarantee Beyond $250,000 Cap in Crisis Bloomberg
- Hedge-fund manager Nelson Peltz says the government should insure all bank deposits — for a price CNBC
- How the FDIC Protects You When Your Bank Fails | WSJ Wall Street Journal
- Regional and community banks rally to call for FDIC backup Fox Business
Want the full story? Read the original reporting
Read on The Economic Times