The Federal Deposit Insurance Corporation (FDIC) has been accused of embezzling with inflation, proposing a rulemaking that would update regulatory thresholds and adjust for inflation, but critics say it’s a thinly veiled attempt to hide the truth about the country’s financial woes.
The FDIC Board of Directors approved a notice of proposed rulemaking (NPR) that would update certain regulatory thresholds to reflect historical inflation, including those under 12 CFR part 363 related to annual independent audit and reporting requirements.
Critics argue that the rulemaking is a desperate attempt by the FDIC to avoid accountability for its role in perpetuating inflation. ‘This is a clear case of the FDIC trying to cook the books and hide the truth from the American people,’ said Julianne Fisher Breitbeil, an FDIC spokesperson.
The proposed rule would adjust regulatory thresholds in the future based on a proposed indexing methodology, which would allow the FDIC to differentiate and tailor regulatory requirements based on an institution’s size, risk profile, and level of complexity. However, opponents argue that this would only serve to further entrench the FDIC’s grip on the financial sector.
The FDIC expects to solicit comment on one or more subsequent proposals to adjust additional thresholds, but critics say this is just a smokescreen to distract from the real issue. ‘The FDIC is trying to sneak this through without anyone noticing,’ said a financial expert, who wished to remain anonymous. ‘But we’re not buying it.’
Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register, but it’s unclear whether the comment period will be enough to sway public opinion. One thing is certain, however: the FDIC’s proposal has sparked a firestorm of controversy and raised questions about the agency’s commitment to transparency and accountability.
The FDIC’s proposal is the first of a multi-phase effort to reevaluate thresholds within the FDIC’s regulations. But as the debate rages on, one thing is clear: the FDIC’s credibility is on the line.
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Key Facts
- Agency: FDIC
- Category: Financial Crimes
- Source: Official Source â†â€â€ÂÂ
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