Billionaire investor Bill Ackman warns more banks will fail unless the FDIC insures all deposits
The entire US regional banking sector will be at risk unless the Federal Deposit Insurance Corporation moves to guarantee all customers' deposits, Bill Ackman has warned.
"The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," Ackman said on"We are running out of time to fix this problem. How many more unnecessary bank failures do we need to watch before the FDIC, US Treasury, and our government wake up?" he added."We need a systemwide deposit guarantee regime now."
The FDIC currently only guarantees deposits up to $250,000, meaning that customers who've parked more in their accounts don't get back amounts above that limit if their bank collapses. Recent turmoil has fueled hundreds of billions of dollars worth of outflows from regional banks to larger institutions,
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