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Finance & Tax

U.S. SHOULD TEMPORARILY GUARANTEE ALL BANK DEPOSITS, SENIOR HOUSE REPUBLICAN
SAYS

“If you don’t do this, there’s going to be a run on your smaller banks, and
everyone’s going to take their money out and run to the JP Morgans and these
too-big to fail banks.”

Rep. Blaine Luetkemeyer of Missouri — a top member of the House Financial
Services Committee and a former banker — said that such a move would help the
smallest banks as they deal with the fallout of the collapse of regional lenders
Silicon Valley Bank and Signature Bank. | J. Scott Applewhite/AP Photo

By Eleanor Mueller

03/14/2023 01:59 PM EDT

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The government should temporarily insure every bank deposit in the country to
shore up confidence in the U.S. financial system, a senior GOP lawmaker said
Tuesday.

Rep. Blaine Luetkemeyer of Missouri — a top member of the House Financial
Services Committee and a former banker — said in an interview that such a move
would help the smallest banks as they deal with the fallout of the collapse of
regional lenders Silicon Valley Bank and Signature Bank. The Biden
administration and regulators have already guaranteed all the deposits at the
two banks — above the deposit insurance limit of $250,000 — to mitigate economic
damage.

Luetkemeyer said expanding the safety net would “give the system confidence.”

“If you don’t do this, there’s going to be a run on your smaller banks,” he
said. “Everyone’s going to take their money out and run to the JPMorgan’s and
these too-big-to-fail banks, and they’re going to get bigger and everybody else
is going to get smaller and weaker, and it’s going really be bad for our
system.”

Politicians zero-in on economic fallout of SVB collapse

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Luetkemeyer is one of the first Republican lawmakers to call for a broad-based
deposit guarantee as a remedy for the banking crisis, leaning into a Biden
administration response that other GOP politicians have blasted as a bailout.
Luetkemeyer is among the House Republicans supporting regulators’ recent actions
to contain the banking meltdown, in line with House Financial Services Chair
Patrick McHenry (R-N.C.).

“The thought process here is that this is a contagion that could be spread
across the entire banking system if it’s not contained and if people don’t stop
and and be calm about their assessment of the situation,” Luetkemeyer said.
“This is a Chicken Little situation. You know, the sky is falling. Everybody
runs around like that, the whole thing’s going to implode.”

Luetkemeyer’s concerns come as the smallest, “community” banks try to make the
case that they’re not engaged in the kind of risk-taking that that brought down
their larger, regional competitors.

Manchin defends vote to weaken Dodd-Frank: Not a mistake ‘at the time’

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The Independent Community Bankers of America, a trade association for the
smallest lenders, is calling on policymakers to impose stricter oversight on the
largest financial institutions and to spare community banks from having to pay
for the deposit bailout of Silicon Valley Bank and Signature Bank. It’s also a
competitive concern, as the biggest global banks appear to be attracting
deposits from other banks.

Luetkemeyer pointed to a temporary policy established after the 2008 meltdown
that established unlimited deposit insurance above the $250,000 limit.

“So what you could do right now is that very same thing and say, hey, look, for
another 12 months here or six months, we’re going to guarantee you every single
deposit in this country and every bank until we get this interest rate situation
resolved and these banks get back on solid footing,” he said.

He later changed his position on the potential duration, with a spokesperson
saying the guarantee could be in place “perhaps 30 to 60 days.”

Still, Luetkemeyer said “the system is sound” and “in better shape than it’s
been in probably 20 years.”

“But,” he said, “we do have a few problems in it that need to be worked out.”

* Filed under:
* JPMorgan,
* Blaine Luetkemeyer,
* Finance & Tax,
* Silicon Valley Bank

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