Some officials in the Biden administration, guided by the public rebuke of bailouts in the 2008 financial crisis, say they will protect depositors and the system, but do not intend to rescue individual banks or put taxpayers at risk.
“I can’t imagine under what set of circumstances the FDIC might have thought it was a better outcome to allow the auction to fail,” said Senator Bill Hagerty, a Tennessee Republican who was briefed by the FDIC. “We would be dealing with a bank in place right now, as opposed to a broken process,” he said.
The administration says it is doing all it can to protect depositors, without putting taxpayer funds at risk or bailing out banks.
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