Plus, Jacob Goldstein, host of the podcast "What's Your Problem?," talks about bank runs. Read More...
Reuters
Biden said federal deposit insurance could be tapped further if banks fail
OTTAWA (Reuters) -President Joe Biden said on Friday that federal deposit insurance could be tapped for deposits above $250,000 if other U.S. banks fail, expressing confidence that mid-sized U.S. banks would survive strains in the sector. Biden said U.S. banks are in “pretty” good shape, people’s savings were secure and he did not see an industry ready to explode. “If we find that there’s more instability than appears, we’d be in a position to have the FDIC use the power it has to guarantee those (deposits) above $250,000 like they did already,” he told reporters at a news conference in the Canadian capital of Ottawa.
