POLL: Americans Overwhelmingly Disapprove Of FDIC Bank Bailouts
- A vast majority of Americans do not approve of the Federal Deposit Insurance Corporation (FDIC) using its reserve funds to rescue large depositors above the insured limit, according to a new poll released by Convention of States Action in collaboration with The Trafalgar Group on Tuesday.
- More than 70% of the 1,000 likely voters surveyed stated the FDIC should not spend its reserve funds to rescue big depositors — many in the millions — when they were only covered up to a quarter of one million, according to the report. They were conducted between March 20-22, just over one week after federal regulators announced they would bail out all Silicon Valley Bank and Signature Bank depositors, including those over the typical $250,000 insured cap using the FDIC’s Deposit Insurance Fund (DIF).
- Only 17% of voters said the FDIC should use its reserve funds to bail out large depositors when they are only covered up to the standard cap, according to the poll. Roughly 13% said they were uncertain
Source: breitbart.com
Three GOP Reps. Introduce Gold Standard Bill To Stabilize Dollar’s Value
- three U.S. congressmen introduced a pivotal sound-money bill that would enable the Federal Reserve note “dollar” to regain stable footing for the first time in more than half a century.
- Rep. Alex Mooney, R-W.Va., joined by Reps. Andy Biggs and Paul Gosar, both Arizona Republicans, introduced H.R. 2435, the Gold Standard Restoration Act, to facilitate the repegging of the volatile Federal Reserve note to a fixed weight of gold bullion.
- Upon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve are given 24 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note “dollar” would be formally repegged to a fixed weight of gold at its then-market price.
- Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.
- Monetary experts have noted a return to a gold standard would substantially curtail the economic damage caused by inflation
Source: zerohedge.com
