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      federal deposit insurance corporation

      The Bank of North Dakota headquarters is located in Bismark.

      It's Time to Change the Rules of the Banking Game

      A state-owned bank on the model of the Bank of North Dakota can provide low-interest loans, liquidity, and financial sovereignty.

      Ellen Brown
      Mar 26, 2023

      On CNN March 14, Roger Altman, a former deputy Treasury secretary in the Clinton administration, said that American banks were on the verge of being nationalized:

      What the authorities did over the weekend was absolutely profound. They guaranteed the deposits, all of them, at Silicon Valley Bank. What that really means… is that they have guaranteed the entire deposit base of the U.S. financial system. The entire deposit base. Why? Because you can't guarantee all the deposits in Silicon Valley Bank and then the next day say to the depositors, say, at First Republic, sorry, yours aren't guaranteed. Of course they are.

      …So this is a breathtaking step which effectively nationalizes or federalizes the deposit base of the U.S. financial system.

      The deposit base of the financial system has not actually been nationalized, but Congress is considering modifications to the Federal Deposit Insurance Corporation (FDIC) insurance limit. Meanwhile, one state that does not face those problems is North Dakota, where its state-owned bank acts as a "mini-Fed" for the state. But first, a closer look at the issues.

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      Wall Street
      Sen. Elizabeth Warren (D-Mass.)

      Warren Calls for Clawing Back Pay, Bonuses for Silicon Valley Bank Executives

      The senator also demanded a federal investigation into potential insider trading by executives.

      Julia Conley
      Mar 13, 2023

      U.S. Sen. Elizabeth Warren on Monday weighed in on the collapse of Silicon Valley Bank, taking to The New York Times' opinion section to offer her view on how the financial institution failed, while also looking ahead and detailing "what Washington must do—quickly—to prevent the next crisis."

      Namely, the Massachusetts Democrat wrote, the federal government must ensure the bank's risky behavior isn't rewarded with bonuses and generous compensation for executives, and must determine whether insider trading tipped off Silicon Valley Bank (SVB) executives regarding their firm's impending failure last Friday.

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      silicon valley bank
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