Republican Missouri Congressman Blaine Luetkemeyer, a former banker and top member of the House Financial Services Committee, on Tuesday told Politico that the government should at least temporarily insure all US bank deposits until the current shitshow after SVB’s failure is resolved.
“If you don’t do this, there’s going to be a run on your smaller banks. Everyone’s going to take their money out and run to the JPMorgan’s and these too-big-to-fail banks, and they’re going to get bigger and everybody else is going to get smaller and weaker, and it’s going really be bad for our system,” said Luetkemeyer, who did not say if “woke” banks should be excluded from the proposal.