President Joe Biden has insisted that no taxpayer money will be used for 'bailing out' banks.
If necessary, the insurance fund will be replenished by a "special assessment" on banks, the FDIC, Fed and Treasury said in a joint statement. Though the cost of that assessment could ultimately be borne by bank customers, it's not clear how much money would be involved.
"It's going to require us to revisit the entire bank regulatory framework," Judge said. "That's far more significant than the modest costs that other banks will pay."President Joe Biden has insisted that no taxpayer money will be used to resolve the crisis.
The Fed's lending program to help banks pay depositors is backed by $25 billion of taxpayer funds that would cover any losses on the loans. But the Fed says it's unlikely that the money will be needed because the loans will be backed by Treasury bonds and other safe securities as collateral. "It's not a bailout as happened in 2008," Sen. Richard Blumenthal, a Democrat from Connecticut, said this week while proposing legislation to toughen bank regulation. "It is, in effect, protection of depositors and a preventive measure to stop a run on other banks all around the country."
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