FDIC calls for reform of US deposit insurance
Congress should change law to allow greater coverage for firms’ payment accounts, Gruenberg says
The US Federal Deposit Insurance Corporation called for significant changes to how the country’s banking system insures depositors after a series of bank failures.
FDIC chairman Martin Gruenberg said the best way to reform deposit insurance was to increase the coverage for firms’ payment accounts. He endorsed the recommendations of the report written by FDIC’s deposit insurance and research division and published on May 1.
Gruenberg commissioned the report after the failures in March of
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