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It is not urgent. All depositors assets, uninsured & insured, are being backstopped by the Treasury. No need to worry if your assets are being held by the FDIC
by HPMOR 4y ago
It is not urgent. All depositors assets, uninsured & insured, are being backstopped by the Treasury. No need to worry if your assets are being held by the FDIC receivership. Now, if your assets are at First Republic, there might be some concern, but I believe that the Treasury has sent a strong signal that depositors will be made whole.
- robertlagrant 4y agoWhat does "sent a strong signal" mean in reality?
- dmckeon 4y agoThis was pretty strong: https://home.treasury.gov/news/press-releases/jy1337 https://home.treasury.gov/news/press-releases/jy1337
- HPMOR 4y agoYou're right, "sent a strong signal" is deliberately ambiguous, in the sense that there has not been a declared policy shift of the FDIC to protect uninsured deposits. However, given that SVB and Signature were not previously declared Systematically Important Banks, yet all of their depositors were made whole, should give depositors confidence that that the Federal Government will see they are protected. Now, whether the FDIC should make this a declared policy position remains to be seen, but I believe that would require congressional action.