“FDIC reforms to stabilize and strengthen banking”

In a new opinion article published by The Hill, I propose five much-needed FDIC reforms.

The recent failures of Silicon Valley Bank and Signature Bank set off a firestorm in financial markets, which the government acted quickly to resolve in to reassure the public. This was the right thing to do — but, as former chairman of the Federal Deposit Insurance Corporation (FDIC), I have serious concerns about the methods used.

I propose five much-needed reforms in the laws governing the FDIC, created in 1933 to cover smaller depositors and calm the then-existing panic. Initially the FDIC offered $5,000 insurance coverage per depositor, and $250,000 today.

Read the full article here.