Prominent lawmakers are now calling for an increase in FDICgov's $250,000 insurance limit amid the continuing fallout from SVB’s collapse. SenWarren said raising the cap is a 'good move.' “Perhaps that’s not enough,” SenatorRounds said of the limit.
SVB failed just over a week ago, and lawmakers, eager to prevent calamity in the banking system, have begun discussing raising the FDIC’s statutory $250,000 cap or temporarily removing it to back all depositors and instill confidence.
Sen. Elizabeth Warren , who is among the most liberal lawmakers in the Senate, said Sunday on CBS that raising the limit has “got to be on the table right now” amid the turmoil in the banking sector."I think the lifting the FDIC insurance cap is a good move.
But it isn’t only Democrats who are mulling changes to the FDIC’s limit. Sen. Mike Rounds wondered about raising the cap during an appearance on NBC’s Meet the Press.Rep. Blaine Luetkemeyer , a former banker himself, suggested last week that the government should begin temporarily insuring every bank deposit in the country as a way to shore up confidence in the U.S. banking system. He said doing so would help smaller banks navigate the fallout of SVB’s failure and bolster trust in the U.S.
“There [are] already functionally ways for coverage around it. Now, of course, I think we should fix some of those loopholes, but with that said, this just isn’t something where there is a compelling need,” he said.
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