Sheila Bair, former chair of the Federal Deposit Insurance Corporation (FDIC), has criticized the Biden administration’s decision to guarantee all deposits at the failed Silicon Valley Bank (SVB), labeling it an “overreaction.”
Bair said during a recent appearance on “The Washington Post Live” series that insuring all deposits at SVB and at the failed Signature Bank was an unnecessary “bailout” that would be paid for by extra fees on all banks, even well-run community and regional banks.
