Some say the decision to guarantee deposits beyond the typical $250,000 limit was necessary to keep the financial system stable. Others argue this sets a bad precedent if other banks run into trouble.
Bank runs, by their very nature, happen fast. But in an age of instant communication, social media and money transfers at the touch of a button, they can now happen in the blink of an eye.
When it was established in 1933, some 4,000 banks had closed in the first few months alone. The FDIC is relying on one of its main tools — deposit insurance — to prevent more banks from failing.
President Biden urged calm as markets roiled over the collapse of Silicon Valley Bank. After the FDIC takeover, customers of the bank have full access to their deposits.
President Biden also said insiders and investors won't be bailed out, but that companies that used the bank will be able to pay their employees and bills.
Under the Youth Hiring Act of 2023, those under 16 don't have to get the Division of Labor's permission to be employed. The state also doesn't have to verify their age anymore.
U.S. employers added 311,000 jobs in February, only a modest slowdown from the previous month, indicating the labor market remains hot. The unemployment rate rose to 3.6% from 3.4% in January.
Researchers used data from more than 150 countries to connect gender equality and life expectancy. They hope their findings can help policymakers set priorities in public health and other areas.
U.S. consumers had the highest savings rate on record in 2020 and credit card debt was plummeting. Now our savings is gone and debt is surging. What happened?
Credit card debt is at a record high, climbing nearly 19% in the fourth quarter of 2022. Many Americans have exhausted their savings and are now deep in the hole trying to cover the cost of living.