I mean, look at what has happened, Margaret. I think, if we do something like that quickly, we prevent this going again. Look, in the CARES Act, we actually said that all deposits were guaranteed for transaction accounts. That's their mandate.Īnd, right now, they may need to work with banks and private capital to save First Republic. REPRESENTATIVE RO KHANNA: No, I think that the FDIC needs to look at the lowest-cost alternative. We're talking immediate sense here for First Republic.Īnd some progressive Democrats have objected to the idea that some of the big banks, who can afford to buy little ones and the systemically important ones, that they should be prevented from stepping in to buy up First Republic. MARGARET BRENNAN: Well, in the meantime - what you're talking about takes - takes a long time. And the best way to do it is to guarantee these deposits. So, I believe the FDIC is doing fine and well now, but we have got to prevent this from happening again. And you have a lot of these payroll companies telling these companies to move to this - the bank. And they're going to start to consolidate into the top banks. Regional banks, they're going to be insecure.
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