The Biden administration responded to the failures of Silicon Valley and Signature banks by setting aside the limit on federal deposit insurance—a basic principle of New Deal bank regulation. In Congress, bipartisan support is growing for unlimited deposit insurance. This should worry everyone, but especially progressives. Federal deposit insurance was aimed at protecting the savings of the poor and middle class while leaving the rich to manage the risks of their large deposits. Extending it to large corporations and the wealthy would harm working people.
When President Franklin D. Roosevelt signed the Banking Act of 1933, it capped coverage at $2,500. The current cap of $250,000 covers about 98% of Americans.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Already a subscriber? Sign In
- Hotels.com:
Hotels.com Coupon - 30% Off - Hotwire:
10% off In-App bookings - Hotwire Coupon Code - Kohl's:
Save 15% on orders of $100+ with Kohl's coupon - Walmart:
20% off your order with Walmart promo code - Michael Kors:
Michael Kors Promo Code First Order: sign up for KORSVIP + Get 10% Off - JCPenney:
85% Off Select Items | Final Markdown
