In light of the recent failures of Silicon Valley Bank, Signature Bank, and First Republic, today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, convened a Deposit Insurance Roundtable. The roundtable included a panel of stakeholders and experts who shared their views on deposit insurance reform and solutions to formulate a legislative proposal that will strengthen our nation’s banking system.

Right now, deposit insurance currently covers individuals up to $250,000, protecting most individuals and families, but Committee Democrats, under the leadership of Ranking Member Waters, have been calling to ensure startups and small businesses are still able pay their employees even if their bank fails, and strengthen the system so regulators don’t have to rely on emergency authorities in the future.

During the roundtable, Committee Democrats and panelists discussed a number of important issues related to deposit insurance, including:

• The rapid deposit outflow that Minority Depository Institutions experienced following the recent bank failures; and,
  
  
• Different approaches to strengthening and reforming deposit insurance, including insuring all deposits or more targeted approaches such as expanding to cover business payment accounts.
  
  

Watch the full roundtable HERE.

This roundtable comes as Ranking Member Waters and Committee Democrats, just this week, announced the introduction of a first wave of Committee Democratic bills to respond to the recent bank failures, 11 in total. This includes three of the Ranking Member’s own bills, including:

• H.R. 4208, the Failed Bank Executives Accountability and Consequences Act
  
• H.R. 4209, the Incentivizing Safe and Sound Banking Act
  
• H.R. 4210, the Closing the Enhanced Prudential Standards Loophole Act.
  

See more details about the bills HERE.

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