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The FDIC said in its report that switching to a “targeted coverage” approach, where business accounts get more coverage than the current cap, would be the best option for financial stability. Such a change, however, would require congressional action. Other options include maintaining coverage as is, or switching to cover all deposits, the FDIC said.
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The collapses and the government’s response “raised fundamental questions about the role of deposit insurance in the United States banking system,” FDIC Chairman Martin Gruenberg said in a statement. “This report is an effort to place these recent developments in context of the history, evolution, and purpose of deposit insurance.”
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