On Monday’s broadcast of CBS’s “Red & Blue,” House Financial Services Committee Managing Director Maxine Waters (D-CA) acknowledged that banks could pass the cost of supporting depositors at Silicon Valley Bank (SVB) to consumers, But they have no evidence yet.
Host Caitlin Huey-Burns asked: “I think the biggest question a lot of people have is that the government says this won’t cost taxpayers anything. How is that even possible? Can’t banks pass this on to their customers, who are also taxpayers? Somehow? “
Waters replied, “Well, actually, we’re very fortunate that we have a federal insurance program that protects depositors even [$250,000], but these are the premiums that banks pay. It is well funded. This is where the money comes from.”
Huey Burns then asked, “But is there a way for these banks to somehow pass that on to the consumer?”
Waters replied, “Well, you know, you can think that way. When you think about business and you think about how they make money, you can think they can raise prices, et cetera, but we don’t see any signs of that at this point at all.” “The money was there. It’s in the insurance fund, it’s already been paid for, and we don’t see in any way that it will in any way increase taxpayers at this time.”
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