In the aftermath of Silicon Valley Bank failing earlier this month, the Federal Reserve announced it was further increasing its support for commercial banks, creating a plan that effectively backstopped all deposits, insured and uninsured, across the U.S. financial system. Banks with accounts with the Fed enjoy a number of perks like higher interest rates and instant transfers not available to average Americans and businesses, but one proposal could change that by creating a 'public banking option,' potentially helping millions of people.
who were eligible might not have received COVID relief payments.
“We must continue to learn about these recent bank failures and we must strengthen our financial guardrails – that is what it means to have a government on the side of working families,” he added. found that 4.5 percent of U.S. households did not have someone with a checking or savings account at a bank or credit union.
Crawford, one of the writers of the original FedAccounts proposal, told Yahoo News that he thought the events of the last 10 days have helped strengthen the case for FedAccounts.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What’s at stake for stocks, bonds as Federal Reserve weighs bank chaos against inflation fightMarkets may be in a vulnerable position ahead of the Federal Reserve’s meeting this week, as traders bet the banking crisis could lead to interest-rate cuts...
Read more »
Elizabeth Warren: Jerome Powell has ‘failed’ as Federal Reserve chairSen. Warren on Federal Reserve Chair Jerome Powell: 'He has had two jobs. One is to deal with monetary policy. One is to deal with regulation. He has failed at both.'
Read more »
Sen. Warren calls for probe of Federal Reserve System after SVB implosionWarren called for an independent investigation of the Fed and the “whole regulatory system,” and demanded the reversal of the weakened oversight system amid the collapse of two US banks…
Read more »
Gold Price Forecast: XAU/USD retreats towards $1,960 as yields rebound, Federal Reserve eyedGold price (XAU/USD) takes offers from the Year-To-Date (YTD) high while targeting the previous resistance surrounding $1,960, near $1,976 by the pres
Read more »
Jerome Powell on the horns of dilemma of the Federal Reserve's own makingAhead of the FOMC's interest rate decision, Federal Reserve chief Powell faces a banking crisis and the need to tackle high inflation.
Read more »
Federal Reserve sounded alarm about Silicon Valley Bank's risk management in 2019: reportThe Federal Reserve reportedly issued multiple warning about Silicon Valley Bank's risk management starting at least four years before the bank's implosion.
Read more »