There’s also the teensy-weensy trouble of legality. The Federal Deposit Insurance plan Company (FDIC) assures financial institution deposits up to $250,000. Congress established that cap. Waiving it for a given institution necessitates the aid of the treasury secretary (in session with the president) in addition two-thirds of the boards of both the FDIC and the Federal Reserve.
Stick to Catherine Rampell‘s viewpointsFollow