Will Americans end up footing the bill for bank failures?
By CHRISTOPHER RUGABER
Associated Press
WASHINGTON (AP) — The government’s response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another? And what will the price tag be? It could be months before the answers are fully known. The Biden administration said it will guarantee uninsured deposits at both banks. The Federal Reserve announced a new lending program for all banks that need to borrow money to pay for withdrawals. The goal is to prevent a broadening panic in which customers rush to pull out so much money that even healthy banks buckle.
