The government should temporarily insure every bank deposit in the country, said senior GOP Rep. Luetkemeyer today. Otherwise, “Everyone’s going to take their money out and run.'
“If you don’t do this, there’s going to be a run on your smaller banks, and everyone’s going to take their money out and run to the JP Morgans and these too-big to fail banks.”
Luetkemeyer is one of the first Republican lawmakers to call for a broad-based deposit guarantee as a remedy for the banking crisis, leaning into a Biden administration response that other GOP politicians have blasted as a bailout.
Luetkemeyer pointed to a temporary policy established after the 2008 meltdown that established unlimited deposit insurance above the $250,000 limit.
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