Biden announces new plans to curb gun violence, months after Lunar New Year mass shooting.Chuck Schumer will give campaign donations from Silicon Valley Bank's ex-CEO, PAC to charity.Warren unveils bill to repeal Trump-era bank deregulation she says led to SVB, Signature collapses.
Instead the money will come from the fees that banks pay into the Deposit Insurance Fund." "I'm going to repeat that - no losses will be borne by the taxpayers. ""No losses will be borne by the taxpayers," Biden stressed Monday. The FDIC's Deposit Insurance Fund, not taxpayer money, will be used to cover depositors, many of whom had significantly more than the $250,000 deposited at the banks that is normally covered by the FDIC. The Treasury Department designated both SVB and Signature as systemic risks, giving it authority to unwind both institutions. "All customers who had deposits in these banks can rest assured they will be protected and they'll have access to the money as of today." "The FDIC on Friday took control of SVB's assets and over the weekend Signature's," Biden said. Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears as SVB, had been a popular funding source for cryptocurrency companies.
and Federal Reserve would fully cover deposits at both failed banks and rely on Wall Street and large financial institutions - not taxpayers - to foot the bill. The nation's top bank regulators on Sunday announced the Federal Deposit Insurance Corp.
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