"...Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law..."
Is this what passes for a FED press release? Which law? Clear as mud. Did the Fed just established an infinite deposit insurance coverage in the US?
Yes but also interestingly in Page 4 of that PDF under (2) Setting assessments
(A) In general - (B) Factors to be considered
Besides the we can do anything, anytime mentioned in that Pag 5, there is the requirement to in general look at the impact on other banks. Something they clearly could not have the time to do in this short time.
(2) Setting assessments - (A) In general - (B) Factors to be considered
Section (iii) "The projected effects of the payment
of assessments on the capital and earnings
of insured depository institutions."
Is this what passes for a FED press release? Which law? Clear as mud. Did the Fed just established an infinite deposit insurance coverage in the US?