Explain what the FDIC did at that time to try to limit the harmful effect from business transaction accounts running.

So we just had that failure, and it was pretty clear.

We were seeing signs, I think, at other, again, similarly situated banks of similar contagion risk.

And so the FDIC, with the concurrence of the Fed and Treasury, created a program called the Transaction Account Guarantee Program, or the TAG program.

And what that program did was it offered unlimited deposit insurance for these business transaction accounts.

And to do this, the FDIC had to take a very broad and somewhat controversial interpretation of its statutory authority.

What it allowed the FDIC to do, and any bank that participated in it, was to say that nobody has to run on these banks who has uninsured deposits in these transaction accounts.

if a stable coin breaks the buck?