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'Disaster': Trump allies said to be mulling 'one of the dumbest ideas anyone could have'
3 weeks, 3 days ago

'Disaster': Trump allies said to be mulling 'one of the dumbest ideas anyone could have'

Raw Story  

Donald Trump's allies have discussed dismantling a Depression-era reform intended to prevent bank failures and maintain trust in the financial system, according to a report. Sources told CNN that the president-elect's allies are interested in shrinking or even closing the Federal Deposit Insurance Corporation and giving the Treasury Department oversight of deposit insurance, but former regulators and academics say that …

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Abolishing the FDIC could backfire on Trump and his allies
3 weeks, 3 days ago

Abolishing the FDIC could backfire on Trump and his allies

CNN  

New York CNN — The Federal Deposit Insurance Corporation was created during the Great Depression to restore trust in a financial system shaken by the failure of thousands of banks. Aaron Klein, senior fellow at the Brookings Institution, told CNN that while the United States has too many bank regulators, there is “no chance” lawmakers would approve shutting the FDIC. …

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No more FDIC? Trump team mulls how to shrink bank regulators
4 weeks, 1 day ago

No more FDIC? Trump team mulls how to shrink bank regulators

Salon  

The Trump transition team is considering ways to shrink, consolidate or eliminate bank regulators in Washington, D.C., a move that would have a massive impact on agencies in charge of protecting consumers' money, according to The Wall Street Journal. The U.S. economy relies heavily on FDIC deposit insurance to maintain Americans’ confidence in the financial system, with the insurance protecting …

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Embattled FDIC Chair to Leave Agency on Eve of Inauguration
1 month, 3 weeks ago

Embattled FDIC Chair to Leave Agency on Eve of Inauguration

Live Mint  

-- Martin Gruenberg, the head of the Federal Deposit Insurance Corp., will step down on Jan. 19. “It has been the greatest honor of my career to serve at the FDIC,” Gruenberg said in a message Tuesday to agency employees. “I have especially valued the privilege of working with the dedicated public servants who carry out the critically important mission …

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The 'Chilling' Trump Plan That Could Pave The Way For Authoritarianism
6 months, 4 weeks ago

The 'Chilling' Trump Plan That Could Pave The Way For Authoritarianism

Huff Post  

Donald Trump has no greater enemy than the United States’ federal bureaucracy — what he calls the “deep state.” And he has a plan to bend it to his will if he’s elected in November. Donald Moynihan, a professor of public policy at Georgetown University, signed on to an open letter in April arguing Schedule F would open the door …

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US regulators seize California's First Republic in latest banking failure
1 year, 8 months ago

US regulators seize California's First Republic in latest banking failure

Raw Story  

US financial authorities have taken possession of California's troubled First Republic Bank, which will be acquired by JPMorgan Chase, government regulators announced Monday in the latest banking failure. "To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the …

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First Republic Bank stock plunges to record low as rescue plan proves elusive
1 year, 8 months ago

First Republic Bank stock plunges to record low as rescue plan proves elusive

LA Times  

U.S. officials are coordinating talks to rescue First Republic, with the Federal Deposit Insurance Corp., the Treasury Department and Federal Reserve orchestrating meetings about throwing it a lifeline. First Republic Bank plunged to a record low as investors sorted through rescue scenarios, none of which is likely to be good for current shareholders. U.S. officials are coordinating talks to rescue …

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First Republic Bank Is a Problem With No Easy Solution
1 year, 8 months ago

First Republic Bank Is a Problem With No Easy Solution

Live Mint  

First Republic Bank is running up against a grim reality in its fight for survival: There are seemingly no good options. That prompted a group of 11 big banks to deposit $30 billion with First Republic last month in hopes of stabilizing it. Its proposals included a plan whereby the other banks would buy First Republic’s loans or securities, or …

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First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know
1 year, 9 months ago

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know

Live Mint  

The US-based First Citizens BancShares Inc. has reached an agreement to acquire Silicon Valley Bank, which was taken over by regulators after a wave of withdrawals from the lender. The acquisition will expand First Citizens' presence in the technology and innovation hub of Silicon Valley, and will make it one of the largest banks in the US. Earlier this month, …

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FDIC said to move toward breakup plan for Silicon Valley Bank
1 year, 9 months ago

FDIC said to move toward breakup plan for Silicon Valley Bank

Live Mint  

US regulators are moving toward a breakup solution for Silicon Valley Bank after failing to line up a suitable buyer for the entire company, according to people familiar with the matter. The Federal Deposit Insurance Corp. is now seeking to sell the failed bank in at least two parts, said the people, who asked to not be identified because the …

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Silicon Valley Bank collapse: 96 hours after biggest US bank failure in 15 years
1 year, 9 months ago

Silicon Valley Bank collapse: 96 hours after biggest US bank failure in 15 years

Hindustan Times  

The U.S. government launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank, the largest bank collapse since the 2008 financial crisis. THURSDAY, MARCH 9 As U.S. Treasury Secretary Janet Yellen prepares for a Friday hearing before the Republican-controlled House Ways and Means Committee, investors are raising concerns about a …

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