Mnuchin Says Deposit Insurance Should Be as Much as $25 Million

Former US Treasury Secretary Steven Mnuchin said the Federal Deposit Insurance Corp.’s limit for insured bank deposits should be increased following the failures of SVB Financial Corp.’s Silicon Valley Bank and Signature Bank.

“We need bipartisan legislation,” Mnuchin said Thursday at the FII Institute’s Priority summit in Miami Beach, Florida. “We should raise the FDIC insurance to either $10 million or $25 million — something that’s legitimate that small businesses that have operating accounts can have their money safe, people can have their money safe.”

Former US Treasury Secretary Mnuchin says deposit insurance should be as much as $25 Million

Typically, the FDIC insures deposits up to $250,000 per depositor, per insured ...