Shhh! Biden administration tells Americans: Don’t call it a bailout

Snippet of Article: "...Don’t call it a bailout — at least in the 2008 sense. That’s the message the Biden administration sent Sunday after it moved to guarantee all deposits at Silicon Valley Bank, as well as New York-based Signature Bank -- even those with accounts above the federally protected amount of $250,000. ...taxpayers aren’t financing this move, at least not directly. “Instead, the cost of covering the deposits, including uninsured amounts in excess of the FDIC’s $250,000 limit, will be paid for in part out of the agency’s Deposit Insurance Fund — a reserve that is paid for by a quarterly fee on banks,” Wile writes."

Source: www.nbcnews.com

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U.S. Regulators are working to bail out (Backstop) wealthy SVB customers not protected over $250,000 FDIC Insurance

US regulators say SVB customers will be made whole as second bank fails

Snippet of Article: "an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday. ...By guaranteeing all deposits – even the uninsured money that customers kept with the failed banks –...The Fed will also make additional funding available for eligible financial institutions to prevent runs on similar banks in the future. "

Source: CNN

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