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Could Janet Yellen Guarantee All Bank Deposits If She Had To?
If something goes terribly wrong, and lawmakers on Capitol Hill are slow to react, could Janet Yellen and Jerome Powell guarantee all US bank deposits?
That's a burning question in the wake of multiple US bank failures. Congress isn't just divided along party lines, it's divided within the two parties as well. There's the usual internecine inter-party conflict, and also bitter intra-party rivalries, particularly on the Republican side, where Kevin McCarthy in January sold out the speakership to
Yellen’s statement: “There’s plenty of time for reasoned discussions” seems tone deaf when she should be encouraging increasing FDIC coverage to at least $1 million ASAP. There’s never “plenty of time” when further bank runs on the regional banks are certainly possible as the weaker banks teeter on the edge. No surprise that KRE dropped nearly 6% in the last hour into the close.