Rep. James Clyburn (D-SC) stated that “We’re going to increase” the amount of bank deposits protected by the FDIC above the maximum of $250,000.
On Wednesday’s broadcast of the Fox News Channel’s “Your World,” Rep. James Clyburn stated that “We’re going to increase” the amount of bank deposits protected by the FDIC above the maximum of $250,000.
Host Neil Cavuto then cut in to ask, “Yeah, but they are bailing out people, right, Congressman? They’re bailing out people with [the] FDIC backing limitless, in other words, not just $250,000 for individuals, a half-a-million for couples, but setting a precedent here that calls for protecting investors out fully — or depositors out fully. And I’m just wondering if you had to play that out, with more banks that could go belly up, that could get very, very expensive.
Cavuto then cut in to ask, “Do you think the precedent established here then, Congressman, protecting them out way beyond the normal statutory limits of 250,000, if played out again and again, that this should be the new standard by which we address these, if they pop up in the future?”
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