FDIC calls for major deposit insurance reforms ...Middle East

The Federal Deposit Insurance Corporation (FDIC) wants to make changes to deposit insurance in the wake of the collapse of First Republic Bank. The regulator on Monday proposed three options: raising the limit to a higher number, eliminating the cap entirely or raising the insurance cap only for banks’ business accounts, which are used to pay workers.  The FDIC would need Congress to pass legislation to make any of those changes. Lawmakers last raised the FDIC cap after the 2008 financial crisis.  FDIC Chairman Martin Gruenberg acknowledged Monday that expanding deposit insurance has the potential to “create moral hazard by providing an incentive for banks to take on greater ris

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