The Federal Deposit Insurance Corporation (FDIC) is proposing new fees to replenish funds spent bailing out depositors of two banks, Silicon Valley Bank (SVB) and Signature Bank, in March.
The bank fees are expected to affect an estimated 113 banks, mostly those with over $50 billion in assets, and will be passed on to their customers
According to experts who spoke to the Daily Caller News Foundation, the fees will cost Americans and are being criticized as unfair. The banks affected by the proposed fees are being asked to bear the cost of the FDIC’s bailout of SVB and Signature Bank, which is seen as punishing responsible fiduciaries for the actions of bad actors.
E.J. Antoni, a research fellow for Regional Economics at the Heritage Foundation’s Center for Data Analysis, called the new rule “ridiculous.” He said that customers will ultimately bear the cost of the fees
The everyday person will be footing the bill for the actions of a few bad actors
The FDIC’s proposal is part of its efforts to ensure that it has enough funds to cover any future bank failures. While the proposed fees have been criticized, the FDIC maintains that they are necessary to maintain the stability of the banking system. It is unclear when the proposed fees will take effect and how much they will cost customers.
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