Following a string of regional bank failures over the past several weeks, bank regulators were quick to guarantee all depositors for the full balance of their bank accounts, even beyond the $250,000 limit set by the Federal Deposit Insurance Corp. (FDIC).
At the time, the Biden administration assured Americans that taxpayers would not be on the hook.
Lauding the bailout, President Joe Biden wrote in a tweet: “Thanks to actions we’ve taken over the past few days to protect depositors from Silicon Valley and Signature banks, Americans can have confidence that our system is safe. People’s deposits will be there when they need them—at no cost to the taxpayer.”…