Sen. Elizabeth Warren on Sunday called on Congress to lift the federal insurance levels for bank deposits above $250,000, a week after the Biden administration announced it would protect all depositors at Silicon Valley Bank.
In another appearance, on ABC’s “This Week,” Warren got more specific, saying she wants Congress to repeal a provision of the 2018 law that had loosened restrictions on banks with $50 billion or more in assets.
“Raising interest rates doesn’t do anything to solve those problems. All it does … is put millions of people out of work,” Warren said. “Look, my views on Jay Powell are well known at this point,” she added. “He has had two jobs. One is to deal with monetary policy. One is to deal with regulation. He has failed at both.”Other lawmakers are also weighing in. On “Face the Nation,” Rep. Patrick T. McHenry , chairman of the House Financial Services Committee, said that even though Warren’s interview was the first time he had heard of a proposal to lift the deposit insurance cap, he did not rule out the possibility.
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