"Push for Higher FDIC Deposit Insurance Cap Gains Momentum"

Senator Elizabeth Warren has called on Congress to raise the federal insurance levels for bank deposits above $250,000, suggesting a figure between $2 million to $10 million. She also wants Congress to repeal a provision of the 2018 law that had loosened restrictions on banks with $50 billion or more in assets. Warren believes that lifting the FDIC insurance cap would be "a good move" if done in conjunction with tighter regulations on banks. She also criticized Federal Reserve Chair Jerome H. Powell and called for the Fed to pause its campaign to raise interest rates.