The Federal Deposit Insurance Corporation (FDIC) released a report this week seeking reform of its deposit insurance system due to recent instability in multiple U.S. banks.
is seeking to reform its deposit insurance system in the wake of recent instability at multiple U.S. banks.
FDIC, a state-owned corporation responsible for insuring commercial and savings banks, is proposing three possible restructuring plans for"The recent failures of Silicon Valley Bank and Signature Bank, and the decision to approve Systemic Risk Exceptions to protect the uninsured depositors at those institutions, raised fundamental questions about the role of deposit insurance in the United States banking system," said FDIC Chairman Martin J. Gruenberg in a statement.
FDIC representatives Luis Mayorga and Igor Fayermark speak with customers outside of the Silicon Valley Bank headquarters in Santa Clara, California, March 13, 2023. "This report is an effort to place these recent developments in the context of the history, evolution, and purpose of deposit insurance since the FDIC was created in 1933," Gruenberg continued.in their report – limited coverage, unlimited coverage and targeted coverage.
Limited coverage, which is the current FDIC system, would require "maintaining the current deposit insurance framework, which provides insurance to depositors up to a specified limit by ownership rights and capacities."Unlimited coverage would allow the FDIC to "[extend] unlimited deposit insurance coverage to all depositors.
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