U.S. considering FDIC coverage for all bank deposits — Bloomberg
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By Ambar Warrick
Investing.com — U.S. officials are considering ways to temporarily expand Federal Deposit Insurance Corporation coverage to cover all bank deposits, Bloomberg reported on Monday, citing sources with knowledge of the matter.
Treasury officials are reviewing whether regulators have the capacity to temporarily insure deposits bigger than the current $250,000 cap, without gaining consent from Congress.
While such a step is not seen as necessary, especially after sweeping moves from the Treasury and Federal Reserve this month to stem a potential banking crisis, authorities are considering increasing coverage if the situation worsens.
U.S. regulators had seized control of three regional banks and rolled out emergency liquidity measures allowing banks to meet mounting withdrawals. While the move helped establish some calm in markets, traders remained on edge over any further bank collapses, especially as several European banks also began warning of liquidity concerns.
This saw Swiss bank UBS Group AG (NYSE:UBS) take over beleaguered peer Credit Suisse Group (NYSE:CS) in a deal brokered by regulators.
Regional lender First Republic Bank (NYSE:FRC) is also facing a potential cash shortage, which has spurred concerns over lenders with high amounts of uninsured deposits.
Several other midsize U.S. banks have called for broader government intervention amid a growing cash crunch for smaller lenders.
One means of covering deposits being considered by the Treasury is by using the Exchange Stabilization Fund, Bloomberg reported. The fund is under full authority of the Treasury, and has been used as a backstop for the Fed’s emergency lending facilities in recent years.
The Treasury’s considerations come as several smaller banks also called for expanded deposit coverage by authorities, amid fears of a widespread banking collapse.
But lawmakers have warned against such a move, stating that it could set a dangerous precedent.
Wall Street futures were trading higher on late-Monday, with the S&P 500 futures, Nasdaq 100 futures, and Dow Jones futures up between 0.07% and 0.2%.
