RT @josephzeballos
Former Rep. Barney Frank (D-MA) endorsed changes to his own Dodd-Frank law in 2018 that freed mid-sized banks from undergoing stress tests. He sits on Signature Bank's board, which just collapsed.

I reached him via phone tonight and he declined to comment https://www.washingtonpost.com/news/wonk/wp/2018/05/24/a-lot-of-people-heard-what-barney-frank-said-about-the-new-banking-law-few-knew-he-works-for-a-bank/

So... the summary is that for all the fear some people had that taxpayers would "bail out billionaires," and the corresponding fear that companies had that "a ton of our money could evaporate and destroy the economy with massive downstream impact"... FDIC/Treasury stepped in and did the right thing: depositors made whole, no taxpayer funds, bank assessment to make up any difference, & SVB equity/unsecured debtholders (mostly) wiped out.

A very good result.

RT @MorganRicks1
Surely it's time now to end the charade that the $250K deposit insurance cap is real. It's obviously illusory.

The question then becomes, how should our banking laws be amended to deal with this reality.