ABA’s Chessen Explains Why Cyprus Bank Tax Won’t Happen in U.S.
ABA Chief Economist Jim Chessen explained why a Cyprus-like tax on small-depositor bank accounts wouldn’t happen in the United States during an interview yesterday on Fox Business Network’s “Varney & Co.” program
“The U.S. learned its lesson 80 years ago in the middle of the Depression when there were runs on banks back then, and that’s when they created the FDIC,” Chessen told host Charles Payne. Today, “the FDIC is strong, it is backed fully by the entire banking industry … and the full faith and credit of the United States stands even behind that.”
Chessen noted that the fund insuring customer deposits is now at $25 billion, and that banks are paying $12.5 billion to support it. ---ABA Daily Newsbytes
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