Wall Street — not taxpayers — will pay for the SVB and Signature deposit relief plans
Publishing timestamp: 2023-03-12 20:59:27
Summary
The Biden administration plans to fully reimburse depositors of collapsed Silicon Valley Bank and shuttered Signature Bank using funds from the Deposit Insurance Fund, which is funded by quarterly fees assessed on financial institutions and interest on government bonds. The administration aims to avoid using taxpayer funds to prevent reigniting public anger sparked by the 2008 Wall Street bailouts. The plan has been met with approval from some critics of the 2008 bailouts, but others are calling for Wall Street and large financial institutions to fully finance any bailout.
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Keywords: washington, breaking news: politics, markets, svb financial group, politics, business news, white house, banks, congress, economy, wall street, signature bank,