Midsize banks request unlimited FDIC backstop amid bank run concerns.

A coalition of midsize US banks is urging the government to insure all deposits for the next two years to help smaller banks navigate the current banking crisis. The FDIC currently insures deposits up to $250,000, but the recent decision to protect Silicon Valley Bank and Signature Bank depositors suggests a broader willingness to back customer funds. Tesla CEO Elon Musk endorsed the idea on Twitter, saying it was needed to "stop bank runs." The Mid-Size Bank Coalition of America sent a letter to regulators, and California Democratic Rep. Ro Khanna is preparing to introduce legislation that removes the agency's coverage cap.