Several bank failures have prompted investors to want more FDIC coverage on their deposits. While reform could happen, there are ways to boost coverage now.
In May, FDIC Chairman Martin Gruenberg spoke positively of the third option when testifying before the Senate banking committee.
Providing higher coverage on business accounts would increase financial stability because it would help limit the risk for spillovers from uninsured deposits associated with business accounts, he noted.How investors can boost FDIC coverage now "At a minimum, I would think it would be $500,000 just to deal with inflation, and I think the FDIC may need to consider that over time," said Ted Jenkin, a certified financial planner and the CEO and founder ofJenkin, a member of the CNBC Financial Advisor Council, said that when Silicon Valley Bank collapsed, people were contacting his firm to find out the best way to maximize their FDIC insurance.At a minimum, I would think it would be $500,000 just to deal with inflation.
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