We don't have 500 bank failures.
What we do have is Dodd-Frank 2010 limits on deposit insurance not keeping up with 2023 realities.
Unless Congress steps in and helps high depositors, there will be an exodus of high depositor accounts all across the country to money center banks which have too big to fail status and an FDIC put as systemically important enough to backstop.
This would mean many local banks will come under stress and at minimum weaken local economies even if they don't fail.
We do not need the big banks to become any more powerful than they already are.
And we certainly must not weaken local economies.
The reasons in the plumbing don't matter at this point. It's too late for that.
The $250k limit has to change. The authorities at the Fed, Treasury, and FDIC are constrained by that in what it is permissible for them to do.
Call your Senator.
Call your Representative.
