Government help for large depositors could ignite a political firestorm — but failing to act could crush some tech start-ups
that everyone with an insured deposit — meaning accounts worth less than $250,000 — would have full access to their money by Monday morning. The statement said that uninsured depositors — those with accounts bigger than $250,000 — would get some of their money back, but it did not specify how much. Uninsured depositors make up the overwhelming majority of the bank’s customers.
Frank said he told senior officials at the Federal Reserve on Friday that the risk to the broader financial system could be “more widespread.
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