"I think that lifting the FDIC insurance cap is a good move… Now the question is, where is the right number on lifting it."
In an interview with CBS' Face the Nation on Sunday, Senator Elizabeth Warren (D-MA) said that she believes raising the Federal Deposit Insurance Corp.'s $250,000 limit is a "good move" following Silicon Valley Bank’s failure.
Warren said: "I think that lifting the FDIC insurance cap is a good move… Now the question is, where is the right number on lifting it."
"Recognize that we have to do this because these banks are underregulated, and if we lift the cap, we are relying even more heavily on the regulators to do their jobs," Warren said.
"This is a question we’ve got to work through. Is it 2 million, is it 5 million, is it 10 million?" Warren continued.
However, Warren did not say if President Joe Biden’s administration is currently trying to build support in Congress for raising the FDIC’s ceiling when asked if she was having conversations with the White House regarding the move.
Warren said: "I don’t want to talk about private conversations but I will say it’s got to be one of the options that’s on the table right now."
When Warren was asked about her confidence in San Francisco Fed President Mary Daly, she said that she did not have confidence, adding that Federal Reserve Chair Jerome Powell was "ultimately responsible," blaming Powell for pushing a financial deregulation agenda, according to the report.
"We need accountability for our regulators, who clearly fell down on the job, and that starts with Jerome Powell," Warren said.
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