Sen. Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA) asserted that the Federal Deposit Insurance Corporation should “reexamine” the $250,000 deposit insurance threshold on bank accounts.
The vast majority of deposits at Silicon Valley Bank, which offered services to nearly half of the venture-backed technology and healthcare firms in the United States before its collapse last week, exceeded the $250,000 threshold insured by the FDIC. Regulators scrambled to guarantee all deposits at Silicon Valley Bank such that the remainder of the financial system, in which roughly half of deposits surpass $250,000, would remain safeguarded against bank runs.
Waters, a senior member of the House Financial Services Committee, said in an interview with The New York Times that lawmakers should contemplate increasing the deposit insurance threshold. “When you
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