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Stock impact report

Lawmakers introduce revamped bipartisan deposit insurance bill [Yahoo! Finance]

First Citizens BancShares, Inc. - Class A (FCNCA) 
Company Research Source: Yahoo! Finance
months to decide whether to raise its cap on deposit insurance as high as $5 million for some accounts. The bill from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., first reported by Semafor, is far narrower than their earlier proposal to guarantee non-interest-bearing transaction accounts up to $10 million, which big banks panned as “a solution in search of a problem.” Under the new approach, the FDIC could select its own threshold between $250,000, where it sits right now, and $5 million. Treasury Department officials have signaled their support, people familiar with the talks told Semafor, and Sens. Jim Banks, R-Ind., Catherine Cortez Masto, D-Nev., Cindy Hyde-Smith, R-Miss., and Ruben Gallego, D-Ariz., have signed on. Rep. Frank Lucas, R-Okla., will introduce companion legislation in the House. Know More Treasury Secretary Scott Bessent has spent months urging lawmakers to raise the deposit insurance cap, which he and Hagerty argued in an October editorial wo Show less Read more
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