A coalition of midsize banks sent a letter to Treasury Secretary Janet Yellen, the Federal Deposit Insurance Corporation (the FDIC), the Comptroller of the Currency, and the Federal Reserve requesting that the FDIC insure all their deposits for the next two years, according to Bloomberg .
The request comes amidst a banking crisis that started earlier this month with the collapse of Silicon Valley Bank (SVB) and then Signature Bank . The group wrote: “Doing so [insuring all deposits] will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures,” the Mid-Size Bank Coalition of America [MBCA] said in a letter to regulators seen by Bloomberg News. So apparently the US Treasury and Fed have everything under control: We now find that there are a number of US midsize banks requesting that FDIC insurance applies to […]
Read the Whole Article From the Source: redstate.com
Discern Report is the fastest growing America First news aggregator in the nation.