The Federal Deposit Insurance Corporation's current limit is $250,000 per depositor, which was increased from $100,000 during the 2008 financial crisis.
WASHINGTON, USA – Four prominent US lawmakers on banking matters said on Sunday, March 19, they would consider whether a higher federal insurance limit on bank deposits was needed to stem a financial crisis marked by a drain of large, uninsured deposits away from smaller and regional banks.
Asked what the new, higher level should be, Warren, a member of the Senate banking committee, said: “This is a question we’ve got to work through. Is it $2 million, is it $5 million? Is it $10 million? Small businesses need to be able to count on getting their money to make payroll, to pay the utility bills.”
Senator Mike Rounds, a Republican on the Senate banking committee, also questioned whether the $250,000 limit, which was increased from $100,000 during the 2008 financial crisis, was still appropriate.would want some “reassurances” that they can compete with larger banks and “it’s going to take a couple of months for consumers outside to recognize that all these banks are stable.”
“What I will do though, legislatively, and in an oversight function, is to determine whether or not we need to address the FDIC deposit level,” McHenry told the same CBS program.
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