• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick U.S. isn’t considering ‘blanket insurance’ for bank deposits, Yellen says
Editor's Pick

U.S. isn’t considering ‘blanket insurance’ for bank deposits, Yellen says

by March 24, 2023
by March 24, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

WASHINGTON — Treasury Secretary Janet Yellen said on Wednesday that the Federal Deposit Insurance Corporation (FDIC) was not considering providing “blanket insurance” for banking deposits following the collapse of two prominent banks this month.

Yellen made the comments at a hearing of a Senate appropriations subcommittee, where lawmakers posed questions about the administration’s efforts to protect depositors and prevent bank runs.

Yellen told the Subcommittee on Financial Services and General Government that President Joe Biden’s administration was focused on stabilizing the banking system and improving public confidence in it.

But she said the administration was not considering expanding bank deposit guarantees beyond the FDIC’s current $250,000 limit, seen as a major roadblock to swift action to stem a deeper crisis.

When a bank failure “is deemed a systemic risk, which I think of as the risk of a contagious bank run, (we) are likely to invoke (a) systemic risk exception, which permits the FDIC to protect all deposits,” Yellen said, adding the department will continue to determine systemic risks on a case-by-case basis.

Yellen said the administration was not considering “anything having to do with blanket insurance or guarantees of deposits.”

She said the Treasury Department was working to restore the Financial Stability Oversight Council’s (FSOC) ability to designate non-bank financial institutions as systemically important.

This post appeared first on NBC NEWS
You Might Also Like
  • Dollar stores are struggling to win over bargain hunters — here’s why
  • Trump Media sues Brazil Supreme Court judge who battled Elon Musk
  • Ford to delay all-electric SUV to focus on offering hybrid vehicles across its lineup by 2030
  • ‘Absurd’: NTSB chair blasts Boeing for failing to turn over records about midair blowout
Share
0
FacebookTwitterPinterestWhatsapp

previous post
The Camaro is about to drive off into the sunset, GM says
next post
Fed raises interest rates by a quarter-point, keeping inflation in crosshairs

You may also like

Dollar Tree is exploring a sale of its Family Dollar...

June 6, 2024

Free cash programs spread as more cities expand the anti-poverty...

April 14, 2024

Hiring is slowing — slowly. It might be just what...

November 4, 2023

Delta CEO says carrier went ‘too far’ in SkyMiles changes,...

October 1, 2023

Elon Musk, Tesla, Warner Bros. Discovery sued over alleged ‘Blade...

October 22, 2024

Etsy restores payment processing for some sellers affected by Silicon...

March 16, 2023

Weeks before DeSantis takeover, Disney gave itself new powers over...

March 31, 2023

More travelers risk booking hotel rooms on sites that tack...

February 23, 2024

Social Security COLA increase for 2024 could be higher than...

September 14, 2023

Tariff threat looms over the year’s biggest electronics show

January 9, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,632 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Couples 55 and older will be...

    May 20, 2023

    NHTSA presses Tesla for more records...

    July 8, 2023

    Boeing CEO, other executives stepping down...

    March 26, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here