www.bloomberg.com
Open in
urlscan Pro
151.101.1.73
Public Scan
URL:
https://www.bloomberg.com/news/articles/2023-03-21/warren-seeks-to-tie-higher-fdic-insurance-to-tighter-regulation?srnd=pr...
Submission: On March 24 via api from US — Scanned from DE
Submission: On March 24 via api from US — Scanned from DE
Form analysis
1 forms found in the DOM<form class="styles_form__30K3Z styles_center__1Y3bc" novalidate="" autocomplete="on">
<div class="styles_inlineEmailComponentsContainer__3BZMF">
<div class="styles_textInputContainerBoxTheme__2ekcJ">
<div class="styles_textInputContainer__2auAr"><label class="styles_label__skU7T styles_fullWidthLabel__1cCyR"><input type="email"
class="styles_textInput__2z4aO styles_small__2oxsA styles_font-large__2iw0p styles_box__1dY8N styles_fullWidth__1eYKX styles_inactiveState__3vsqb styles_backgroundColor-white__IUzWy" placeholder="Enter your email" required=""
maxlength="254" name="" aria-describedby="EmailLabel8158598679407236"><span id="EmailLabel8158598679407236" class="styles_inputLabel__3AJ7c styles_hideLabel__3U25Y styles_box__1dY8N"> Email </span>
<div id="EmailErrorMessage3412862650865218" class="styles_errorMessage__20OVl styles_hideError__3zeWG styles_box__1dY8N" role="" aria-atomic="true">Please enter a valid email address</div>
</label></div>
</div>
<div class="styles_inlinePrimaryButtonLarge__1KDQs styles_box__2c0MU styles_hideButton__3LmPR"><button type="submit"
class="styles_primaryButton__1gA6d styles_transparent-white__2zDeh styles_large__1BqGt styles_limitedWidth__EvPsL styles_fullWidthMobile__2m98p">Continue</button></div>
</div>
<div style="height: 1px;"></div><span class="styles_error__ZifL7 styles_box__2c0MU" role="alert" aria-atomic="true"></span>
<div class="styles_privacyPolicy__2Kdap styles_fullWidth__2bPJD styles_white__162qq">
<div class="styles_checkboxWrapper__3qg_M"><label class="styles_white__1TCXV styles_large__evi5W styles_checkboxLabel__18ikU styles_vertical-align-middle__2FqMX styles_fullWidth__13SQ7"><input type="checkbox"
class="styles_checkboxInput__2rkDw styles_large__evi5W styles_white__1TCXV">Bloomberg may send me offers and promotions.</label></div>
<div class="">
<div style="height: 10px;"></div><span class="styles_privacyPolicyCopy__uulDz styles_white__162qq">By submitting my information, I agree to the
<a href="https://www.bloomberg.com/notices/privacy/" class="styles_privacyLink__16Pla styles_white__162qq" target="_blank" rel="noopener noreferrer">Privacy Policy</a> and
<a href="https://www.bloomberg.com/notices/tos/?in_source=hp-nav" class="styles_privacyLink__16Pla styles_white__162qq" target="_blank" rel="noopener noreferrer">Terms of Service</a>.</span>
</div>
</div>
<div class="styles_mobileButton__24__h"><button type="submit" class="styles_primaryButton__1gA6d styles_transparent-white__2zDeh styles_large__1BqGt styles_limitedWidth__EvPsL styles_fullWidthMobile__2m98p">Continue</button>
<div style="height: 10px;"></div><span class="styles_error__ZifL7 styles_box__2c0MU" role="alert" aria-atomic="true"></span>
</div>
</form>
Text Content
Skip to content Skip to content Bloomberg the Company & Its ProductsThe Company & its ProductsBloomberg Terminal Demo RequestBloomberg Anywhere Remote LoginBloomberg Anywhere LoginBloomberg Customer SupportCustomer Support Think Bigger:See how we drive impact, create opportunities and power decisions Europe Edition * UK * Europe * US * Asia * Middle East * Africa * 日本 Sign In Subscribe * Live Now BLOOMBERG TV+ BLOOMBERG DAYBREAK MIDDLE EAST Bloomberg Daybreak Middle East. Live from Dubai, connecting Asian markets to the European opens. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. BLOOMBERG RADIO BLOOMBERG DAYBREAK EUROPE Overnight on Wall Street is morning in Europe. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Markets never sleep, and neither does Bloomberg News. Monitor your investments 24 hours a day, around the clock from around the globe. Listen -------------------------------------------------------------------------------- BLOOMBERG ORIGINALS IDEA GENERATION: RUSS Rapper, singer and producer Russ walks us through the creative impulses and strategic decisions that propelled him to multi-platinum success. Since the age of 14 years-old Russ has been cultivating his musical gifts and pushing himself, against all odds, to realize his ambitions for greatness. ALSO STREAMING ON YOUR TV: * * Markets Markets * Deals * Odd Lots * The FIX | Fixed Income * ETFs * FX * Factor Investing * Alternative Investing * Economic Calendar * Markets Magazine BUSINESS The Murky Business Behind Britain’s Rampant Food Price Inflation MARKETS Citi Joins BofA’s Cautious View on European Equity Markets MARKET DATA * Stocks * Commodities * Rates & Bonds * Currencies * Futures * Sectors View More Markets * Economics Economics * Indicators * Central Banks * Jobs * Trade * Tax & Spend * Inflation & Prices THE BIG TAKE Volcker Slayed Inflation. Bernanke Saved the Banks. Can Powell Do Both? ECONOMICS Yellen Says US Prepared for Additional Deposit Actions If Needed CENTRAL BANKS New Fed Forecasts Suggest Central Bank Is Bracing for Recession View More Economics * Industries Industries * Consumer * Energy * Entertainment * Finance * Health * Legal * Real Estate * Telecom * Transportation HYPERDRIVE Goldman Sees Biden’s Clean-Energy Law Costing US $1.2 Trillion QUICKTAKE What Is Short Selling, and Who Is Hindenburg Research? FEATURED * Business of Sports View More Industries * Technology Technology * Code Wars * Checkout * Prognosis BIG TECH Five Key Moments From TikTok CEO’s Combative Hearing in Congress TECHNOLOGY Yellen Says TikTok-Like Data Security Risks Are Growing More Common TECHNOLOGY Meta Sued by Its Home County Over Youth Social Media Addiction View More Technology * Politics Politics * US * UK * Americas * Europe * Asia * Middle East POLITICS Even Palestinian Business Leaders Have Resistance On the Mind POLITICS US World Bank Nominee Tests Covid Positive During Visit to India FEATURED * Next China View More Politics * Wealth Wealth * Investing * Living * Opinion & Advice * Savings & Retirement * Taxes * Reinvention WEALTH Billionaire Zara Founder Races to Spend His Ever-Growing Bounty PODCAST Why You Should Stop Selling UK Equities FEATURED * How to Invest View More Wealth * Pursuits Pursuits * Travel * Autos * Homes * Living * Culture * Style THEATER REVIEW Bad Cinderella Review: When a Fairy Tale Boldly Rejects Beauty, Taste PURSUITS Art Basel Hong Kong Welcomes Back Wealthy Chinese Collectors After Three Years FEATURED * Screentime * New York Property Prices * Where to Go in 2022 View More Pursuits * Opinion Opinion * Business * Finance * Economics * Markets * Politics & Policy * Technology & Ideas * Editorials * Letters JOHN AUTHERS No, It's Not Like 15 Years Ago. What Matters Is 25 PARMY OLSON Fake AI Photos Are Coming to a Social Network Near You LIONEL LAURENT Switzerland’s Incredible Shrinking Financial Sector View More Opinion * Businessweek Businessweek * The Bloomberg 50 * Best B-Schools * Small Business Survival Guide * 50 Companies to Watch * Good Business * Subscribe to the Magazine FINANCE How to Keep Corporate Accounts Safe Amid Bank Collapse Jitters TECHNOLOGY What Happens When Sexting Chatbots Dump Their Human Lovers FEATURE Iranian Activists Want Tech Companies to Ban the Ayatollah View More Businessweek * Equality Equality * Corporate Leadership * Capital * Society * Solutions EQUALITY Diversity in UK Science Barely Changed in a Decade, Report Finds EQUALITY Maryland's Wes Moore Frames Abortion Access as Economic Issue FEATURED * In Trust Podcast View More Equality * Green Green * New Energy * ESG Investing * Weather & Science * Electric Vehicles * Climate Politics * Greener Living * Cleaner Tech GREEN US Fights for Influence in Africa Where China, Russia Loom Large GREEN Britain’s Heat Pump Uptake Among Worst in Europe, Study Shows FEATURED * Data Dash * Hyperdrive View More Green * CityLab CityLab * Design * Culture * Transportation * Economy * Environment * Housing * Justice * Government * Technology ENVIRONMENT Air Pollution Casts a Pall Over Booming Bangladesh Megacity ECONOMY Paris Wins Battle to Regulate Dark Stores After Court Decision ECONOMY Pennsylvania Fights Hospital Closures With Curb on For-Profit Buyers View More CityLab * Crypto Crypto * Decentralized Finance * NFTs * Regulation * Technology CRYPTO Bitcoin Retreats; Justin Sun-Linked Coins Drop After SEC Charges CRYPTO Circle USDC Stablecoin Redemptions Rise to About $6 Billion CRYPTO Miami and New York’s Crypto CityCoins Meet Quiet Demise View More Crypto * More -------------------------------------------------------------------------------- Politics WARREN SEEKS TO TIE HIGHER FDIC INSURANCE TO TIGHTER REGULATION * Manchin eyes giving depositors option to pay for more coverage * Republicans, some Democrats skeptical of rolling back 2018 law Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration 0:00 Loaded: 0% 0:00 Progress: 0% Stream Type LIVE Remaining Time -0:00 Playback Rate * 2x * 1.75x * 1.5x * 1x, selected * 0.75x * 0.5x 1x Chapters * Chapters Captions * captions settings, opens captions settings dialog * captions off, selected ShareFullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaque Font Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall Caps Reset restore all settings to the default valuesDone Close Modal Dialog End of dialog window. US May Temporarily Expand FDIC Coverage to All Deposits US May Temporarily Expand FDIC Coverage to All Deposits Close Share -------------------------------------------------------------------------------- Embed Permalink Unmute US May Temporarily Expand FDIC Coverage to All Deposits By Steven T. Dennis +Follow March 21, 2023 at 10:35 PM GMT LISTEN TO THIS ARTICLE 2:07 SHARE THIS ARTICLE Copied Gift Gift this article Exit Subscriber Benefit Bloomberg subscribers can gift up to 5 articles a month for anyone to read, even non-subscribers! Learn more Subscribe Sign In Follow the authors @StevenTDennis + Get alerts forSteven T. Dennis Senator Elizabeth Warren said Tuesday she doesn’t think multibillion-dollar banks should get an increase in federal insurance without tighter regulation. “You bet I’d tie them together,” the Massachusetts Democrat told reporters at the Capitol. “The big banks cannot have it both ways. They can’t say they want the government to backstop them and they don’t want any additional regulation,” she said. “That’s not the way the world works or at least not the way it should.” Warren said she’s not as concerned about smaller banks she said are “financially sound and frankly, fairly stiffly regulated.” “It’s these multibillion-dollar banks that both pose the threat and got away with regulation that was far too weak,” she said. She warned against simply giving bankers two years of unlimited Federal Deposit Insurance Corporation protection without tougher restrictions in the wake of the failures of Silicon Valley Bank in California and Signature Bank in New York. “That just puts the taxpayer on the hook and puts even more distortions in the incentives and we can’t do that,” she said. Earlier: Schumer and McCarthy Slow-Walk Banking Changes After Collapses Warren will have work to do to get others to back her proposals as Republicans and many Democrats who voted for a 2018 law that loosened regulations on smaller and midsized banks say the law itself isn’t to blame. Conservative Democratic Senator Joe Manchin of West Virginia separately told reporters that he’s open to considering a higher FDIC insurance limit than the current $250,000 cap for people willing to pay for that insurance. “It makes sense to ask the question, can’t there be some type of mechanism that allows people that are using the banks for greater deposits and want that protection to pay a different fee?” he said. Manchin likened it to people having the option of buying more life insurance if they wish. Yet Manchin, who added that he had spoken to bankers in his state, said he doesn’t think the 2018 law affected the failure of Silicon Valley Bank. Manchin was one of several Democrats who voted for the rollback. “They went eight months as I’m understanding without having a risk officer,” Manchin said. “It’s hard to legislate against incompetency.” “Somebody should be held tremendously responsible for this and the people of that bank and basically the San Francisco Fed, all of them should be held very accountable for dereliction of duty, really,” Manchin said. SHARE THIS ARTICLE Copied Gift Gift this article Exit Subscriber Benefit Bloomberg subscribers can gift up to 5 articles a month for anyone to read, even non-subscribers! Learn more Subscribe Sign In Follow the authors @StevenTDennis + Get alerts forSteven T. Dennis Have a confidential tip for our reporters? Get in touch Before it's here, it's on the Bloomberg Terminal Learn more Markets at a Glance AmericasEuropeAPACYour List Dow Jones 32,105.25 +0.23% 1D5D1M6M S&P 500 3,948.72 +0.30% 1D5D1M6M Nasdaq 11,787.40 +1.01% 1D5D1M6M S&P/TSX COMPOSITE INDEX 19,459.92 -0.37% 1D5D1M6M S&P/BMV IPC 52,827.93 +0.53% 1D5D1M6M BRAZIL IBOVESPA INDEX 97,926.34 -2.29% 1D5D1M6M Create Your List to follow what interests you BLOOMBERG EUROPEAN 500 290.49 -0.13% 1D5D1M6M Euro Stoxx 50 Pr 4,207.14 +0.27% 1D5D1M6M FTSE 100 7,499.60 -0.89% 1D5D1M6M CAC 40 INDEX 7,139.25 +0.11% 1D5D1M6M DAX 15,210.39 -0.04% 1D5D1M6M IBEX 35 INDEX 8,970.00 -0.44% 1D5D1M6M Create Your List to follow what interests you Nikkei 225 27,371.89 -0.17% 1D5D1M6M Hang Seng 19,961.64 -0.44% 1D5D1M6M CSI 300 INDEX 4,028.56 -0.26% 1D5D1M6M S&P/ASX 200 INDEX 6,955.20 -0.19% 1D5D1M6M S&P BSE SENSEX INDEX 57,841.27 -0.14% 1D5D1M6M KOSPI INDEX 2,412.54 -0.49% 1D5D1M6M Create Your List to follow what interests you Sign in or Create an Account to customize your list. Copy Link Terms of Service Manage Cookies Trademarks Privacy Policy ©2023 Bloomberg L.P. All Rights Reserved Careers Made in NYC Advertise Ad Choices Help Register to read more.Get Startedcontinue Chevron Down Create an account and unlock 1 bonus article. Register to read more on Bloomberg.com Register to unlock more content on Bloomberg.com Email Please enter a valid email address Continue Bloomberg may send me offers and promotions. By submitting my information, I agree to the Privacy Policy and Terms of Service. Continue