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Cato Weekly Podcast • January 1, 2026 

# Banking on Moral Hazard: The Push for $10 Million Deposit Insurance 

A plan to massively expand FDIC insurance is gaining traction in Washington, despite little evidence that customers or community banks are asking for it. Cato’s Nicholas Anthony, Norbert Michel, and Jill Castilla, CEO of Citizens Bank of Edmond, show how the proposal would subsidize wealthy depositors, weaken market discipline, and entrench “too noisy to fail” expectations across the banking system.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Nicholas Anthony Cropped](/sites/cato.org/files/styles/author_picture/public/2025-02/NicholasAnthony-cropped.jpg?itok=f4HYrot7)](/people/nicholas-anthony) 

##### [Nicholas Anthony](/people/nicholas-anthony)

Research Fellow, Center for Monetary and Financial Alternatives

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](https://x.com/EconWithNick) 

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

![Jill Castilla](/sites/cato.org/files/styles/author_picture/public/2025-12/Jill_Castilla.jpg?itok=8bXATgJ2) 

##### Jill Castilla 

Chairman, President, & CEO, Citizens Bank of Edmond