For more than a decade after the collapse of Lehman Brothers in 2008, Washington’s regulatory watchdogs sought to ensure that they would never again face fraught weekend deliberations about propping up the financial system from a bank failure.
Last weekend, they did.
For the nation’s top economic officials—Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen, Federal Deposit Insurance Corp. Chairman Martin Gruenberg and White House National Economic Council director Lael Brainard —the challenge boiled down to a single decision:
whether to employ a federal law allowing a “systemic risk exception” permitting the FDIC to guarantee deposits beyond the $250,000 limit per customer.
WSJ 16 mars 2023
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