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“No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them.” - Joe Biden, statement on the collapse of the Silicon Valley Bank (SVB), March 12, 2023 |
So, Biden stated the $212,000,000,000 required to bail out all of Silicon Valley Bank’s depositors – including paying off the 85% of accounts not covered by FDIC Insurance – won’t come from taxes you’ve already paid or from tax increases. That’s nice to know, since Joe Biden has already proposed more than five trillion dollars in new taxes and tax increases to pay for the massive deficit spending authorized by him and his fellow Liberal Democrats.
But, where did the money the banks paid to insure your bank account(s) come from?
