At end of 2022 the FDIC had $128 billion in their reserves account and now has $108 billion remaining. Now the FDIC is going to levy a special assessment (tax) on banks to replenish these funds. Who will ultimately pay for this special assessment or tax? It’s going to be bank depositors or U.S. consumers.
Further I read that at the end of 2019 FDIC banks had roughly $12 trillion on deposit almost evenly split between insured deposits and un-insured deposits. Today, there is $17.9 trillion in banks thanks to trillions of dollars in money printing and money handed out to U.S. consumers during Covid. But, now only 41% of FDIC deposits are “insured” at $7.4 trillion and 59% of FDIC deposits are “un-insured” at $10.5 trillion.
But, if a BIG bank is considered a systemic risk by Chairman Powell, Secretary Yellen, FDIC Chairman Martin Gruenberg, and President Biden their depositors including un-insured depositors will almost certainly be bailed out and made whole by the FDIC and when the FDIC runs out of money the Treasury or U.S. taxpayers will provide the rest of the money. OMG!!!