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Freedom Capital Markets chief global strategist Jay Woods tells Cavuto: Coast to Coast that if the banks stabilize, the rebound can be quick as stocks fall on renewed bank worries.
The Federal Deposit Insurance Corporation (FDIC) on Thursday proposed a special assessment of the largest U.S. banks to recover the funds used to protect uninsured depositors who otherwise would’ve been left holding the bag following the failures of Silicon Valley Bank (SVB) and Signature Bank.
The proposed special assessment would recoup the $15.8 billion paid out from the FDIC’s Deposit Insurance Fund to protect depositors in SVB and Signature who had deposits in excess of the $250,000 insurance threshold. It would do so by imposing a fee of 0.125% – or 125 basis points – on insured deposits at banks with $5 billion in assets or more, which would remain in effect for eight quarterly assessment periods starting in the first quarter of 2024.
The FDIC estimates that about 113 banks will be subject to the fee and that banks with more than $50 billion in total assets will pay about 95% of the special assessment, while those with less than $5 billion will be exempt.
"The proposal applies the special assessment to the types of banking organizations that benefited most from the protection of uninsured depositors, while ensuring equitable, transparent, and consistent treatment based on amounts of uninsured deposits," said FDIC Chairman Martin Gruenberg. "The proposal also promotes maintenance of liquidity, which will allow institutions to continue to meet the credit needs of the U.S. economy."
FDIC ENLISTS BLACKROCK TO CLEAN UP BANKING CASTOFFS
The Federal Deposit Insurance Corporation is imposing a special assessment fee on larger banks to replenish an insurance fund that was tapped following the failures of Silicon Valley Bank and Signature Bank. (AP Photo/Peter Morgan / AP Newsroom)
Under the Federal Deposit Insurance Act, the FDIC is required to impose an assessment fee on banks to recover funds paid out from the Deposit Insurance Fund whenever a systemic risk designation is invoked by regulators amid a banking crisis.
The proposed assessment has to go through the federal rulemaking process, which includes a 60-day public comment period after the proposal appears in the Federal Register. It Is also subject to revision before it is finalized if changes are made to the loss estimates, mergers or failures occur, or the reported estimates of uninsured deposits.
WILL FIRST REPUBLIC BE THE LAST BANK RESCUED AMID BANKING CRISIS?
Signature Bank failed in March and was acquired by New York Community Bank in a $2.7 billion deal. (AP Photo/Bobby Caina Calvan / AP Newsroom)
SVB and Signature Bank both had relatively large amounts of uninsured deposits at the end of last year which made them vulnerable to collapse when depositors moved to withdraw their funds. SVB’s uninsured deposits were roughly 93% of its total deposits at the end of last year, while Signature’s amounted to 89% of its deposit base at that time according to regulatory filings.
The failure of those banks and the structure of the FDIC’s special assessment means that the nation’s largest banks – including the likes of JPMorgan Chase, Bank of America and Wells Fargo – will have to foot the bill. FOX Business reached out to those three institutions for this story, and they either declined to comment or did not respond prior to the deadline.
FDIC LOOKS TO CHANGE DEPOSIT INSURANCE POLICY FOLLOWING FIRST REPUBLIC FAILURE
Silicon Valley Bank failed in March and was acquired by First Citizens Bank for over $16 billion. (REUTERS/Brittany Hosea-Small / Fox News)
The American Bankers Association, which is one of the nation’s largest financial sector trade groups, said in a statement from President and CEO Rob Nichols, "While we are still reviewing the details of the proposed special assessment, including the methodology and the dissenting votes, we appreciate the FDIC’s decision to exclude most community banks."
"Once we receive input from our members, we will be prepared to provide industry feedback to the FDIC on the special assessment, the timing of the expense, and the ongoing increase in quarterly Deposit Insurance Fund assessments on banks," Nichols added.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey said in a statement that, "ICBA and the nation’s community banks commend the FDIC for today’s proposal to exempt the vast majority of community banks from its special assessment following the recent failures of Silicon Valley Bank and Signature Bank of New York – which we’ve advocated since the immediate aftermath of these large bank failures."Ticker Security Last Change Change % JPM JPMORGAN CHASE & CO. 136.05 -0.43 -0.32%WFC WELLS FARGO & CO. 38.33 +0.05 +0.13%BAC BANK OF AMERICA CORP. 27.39 +0.07 +0.26%
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"As ICBA has repeatedly said, including in a letter to FDIC Chairman Martin Gruenberg, community banks should not have to bear any financial responsibility for losses to the Deposit Insurance Fund caused by the miscalculations of large financial institutions," Romero Rainey added. "Large banks should pay for the special assessment because they are the chief beneficiaries of these two receiverships."
BST Hyde Park festival has cancelled its final night after Jeff Lynne’s Electric Light Orchestra pulled out of the headline slot.
Lynne, 77, was due to play alongside his band on Sunday but has been forced to withdraw from the event following a “systemic infection”.
The London show was supposed to be a “final goodbye” from ELO following their farewell US tour.
Organisers said on Saturday that Lynne was “heartbroken” at being unable to perform.
A statement read: “Jeff has been battling a systemic infection and is currently in the care of a team of doctors who have advised him that performing is simply not possible at this time nor will he be able to reschedule.
“The legacy of the band and his longtime fans are foremost in Jeff’s mind today – and while he is so sorry that he cannot perform, he knows that he must focus on his health and rehabilitation at this time.”
They later confirmed the whole of Sunday’s event would be cancelled.
“Ticket holders will be refunded and contacted directly by their ticket agent with further details,” another statement said.
Stevie Wonder played the festival on Saturday – now its final event of 2025.
US rock band The Doobie Brothers and blues rock singer Steve Winwood were among those who had been due to perform to before ELO’s headline performance.
The cancellation comes after the band, best known for their hit Mr Blue Sky, pulled out of a performance due to take place at Manchester’s Co-Op Live Arena on Thursday.
ELO was formed in Birmingham in 1970 by Lynne, multi-instrumentalist Roy Wood and drummer Bev Bevan.
They first split in 1986, before frontman Lynne resurrected the band in 2014.
Why he could win: Olson is a late replacement for Acuna as the home team’s representative at this year’s Derby. Apart from being the Braves’ first baseman, however, Olson also was born in Atlanta and grew up a Braves fan, giving him some extra motivation. The left-handed slugger led the majors in home runs in 2023 — his 54 round-trippers that season also set a franchise record — and he remains among the best in the game when it comes to exit velo and hard-hit rate.
Why he might not: The home-field advantage can also be a detriment if a player gets too hyped up in the first round. See Julio Rodriguez in Seattle in 2023, when he had a monster first round, with 41 home runs, but then tired out in the second round.
2025 home runs: 36 | Longest: 440 feet
Why he could win: It’s the season of Cal! The Mariners’ catcher is having one of the greatest slugging first halves in MLB history, as he’s been crushing mistakes all season . His easy raw power might be tailor-made for the Derby — he ranks in the 87th percentile in average exit velocity and delivers the ball, on average, at the optimal home run launch angle of 23 degrees. His calm demeanor might also be perfect for the contest as he won’t get too amped up.
Why he might not: He’s a catcher — and one who has carried a heavy workload, playing in all but one game this season. This contest is as much about stamina as anything, and whether Raleigh can carry his power through three rounds would be a concern. No catcher has ever won the Derby, with only Ivan Rodriguez back in 2005 even reaching the finals.
2025 home runs: 24 | Longest: 451 feet
Why he could win: He’s big, he’s strong, he’s young, he’s awesome, he might or might not be able to leap tall buildings in a single bound. This is the perfect opportunity for Wood to show his talent on the national stage, and he wouldn’t be the first young player to star in the Derby. He ranks in the 97th percentile in average exit velocity and 99th percentile in hard-hit rate, so he can still muscle the ball out in BP even if he slightly mishits it. His long arms might be viewed as a detriment, but remember the similarly tall Aaron Judge won in 2017.
Why he might not: His natural swing isn’t a pure uppercut — he has a pretty low average launch angle of just 6.2 degrees — so we’ll see how that plays in a rapid-fire session. In real games, his power is primarily to the opposite field, but in a Home Run Derby you can get more cheapies pulling the ball down the line.
2025 home runs: 20 | Longest: 479 feet
Why he could win: Buxton’s raw power remains as impressive as nearly any hitter in the game. He crushed a 479-foot home run earlier this season and has four others of at least 425 feet. Indeed, his “no doubter” percentage — home runs that would be out of all 30 parks based on distance — is 75%, the highest in the majors among players with more than a dozen home runs. His bat speed ranks in the 89th percentile. In other words, two tools that could translate to a BP lightning show.
Why he might not: Buxton is 31 and the Home Run Derby feels a little more like a younger man’s competition. Teoscar Hernandez did win last year at age 31, but before that, the last winner older than 29 was David Ortiz in 2010, and that was under much different rules than are used now.
2025 home runs: 16 | Longest: 463 feet
Why he could win: If you drew up a short list of players everyone wants to see in the Home Run Derby, Cruz would be near the top. He has the hardest-hit ball of the 2025 season, and the hardest ever tracked by Statcast, a 432-foot missile of a home run with an exit velocity of 122.9 mph. He also crushed a 463-foot home run in Anaheim that soared way beyond the trees in center field. With his elite bat speed — 100th percentile — Cruz has the ability to awe the crowd with a potentially all-time performance.
Why he might not: Like all first-time contestants, can he stay within himself and not get too caught up in the moment? He has a long swing, which will result in some huge blasts, but might not be the most efficient for a contest like this one, where the more swings a hitter can get in before the clock expires, the better.
2025 home runs: 23 | Longest: 425 feet
Why he could win: Although Caminero was one of the most hyped prospects entering 2024, everyone kind of forgot about him heading into this season since he didn’t immediately rip apart the majors as a rookie. In his first full season, however, he has showed off his big-time raw power — giving him a chance to become just the third player to reach 40 home runs in his age-21 season. He has perhaps the quickest bat in the majors, ranking in the 100th percentile in bat speed, and his top exit velocity ranks in the top 15. That could translate to a barrage of home runs.
Why he might not: In game action, Caminero does hit the ball on the ground quite often — in fact, he’s on pace to break Jim Rice’s record for double plays grounded into in a season. If he gets out of rhythm, that could lead to a lot of low line drives during the Derby instead of fly balls that clear the fences.
2025 home runs: 19 | Longest: 440 feet
Why he could win: The Athletics slugger has been one of the top power hitters in the majors for three seasons now and is on his way to a third straight 30-homer season. Rooker has plus bat speed and raw power, but his biggest strength is an optimal average launch angle (19 degrees in 2024, 15 degrees this season) that translates to home runs in game action. That natural swing could be picture perfect for the Home Run Derby. He also wasn’t shy about saying he wanted to participate — and maybe that bodes well for his chances.
Why he might not: Rooker might not have quite the same raw power as some of the other competitors, as he has just one home run longer than 425 feet in 2025. But that’s a little nitpicky, as 11 of his home runs have still gone 400-plus feet. He competed in the college home run derby in Omaha while at Mississippi State in 2016 and finished fourth.
2025 home runs: 17 | Longest: 442 feet
Why he could win: Chisholm might not be the most obvious name to participate, given his career high of 24 home runs, but he has belted 17 already in 2025 in his first 61 games after missing some time with an injury. He ranks among the MLB leaders in a couple of home run-related categories, ranking in the 96th percentile in expected slugging percentage and 98th percentile in barrel rate. His raw power might not match that of the other participants, but he’s a dead-pull hitter who has increased his launch angle this season, which might translate well to the Derby, even if he won’t be the guy hitting the longest home runs.
Why he might not: Most of the guys who have won this have been big, powerful sluggers. Chisholm is listed at 5-foot-11, 184 pounds, and you have to go back to Miguel Tejada in 2004 to find the last player under 6 foot to win.
MINNEAPOLIS — Minnesota Twins All-Star center fielder Byron Buxton admitted to feeling a little added pressure before Saturday’s game against the Pittsburgh Pirates. It was his bobblehead day, meaning the first 10,000 fans to walk through the gates at Target Field would receive a replica of Buxton doing his “Buck Truck” home run celebration.
“I’d be lying if I said I wasn’t nervous before the game started, just knowing it was bobblehead day,” Buxton said. “Obviously you want to come out and do something good.”
Buxton did more than something good. He became the first player to hit for the cycle at Target Field since the ballpark opened in 2010, helping ignite the Twins to a 12-4 win over the Pirates.
It was the 12th cycle in Twins history and the first since Jorge Polanco had one in 2019.
Buxton had three hits through three innings — a single in the first, a triple in the six-run second and a double in the third. After singling again in the fifth, he had one more opportunity in the bottom of the seventh.
Buxton, who will participate in next week’s Home Run Derby in Atlanta, crushed a 427-foot solo homer off Pirates reliever Andrew Heaney with two outs in the seventh to make it an 11-3 game and complete the cycle. That brought the Target Field crowd to its feet, with many fans celebrating with Buxton bobbleheads.
With his team holding a comfortable lead, Twins manager Rocco Baldelli almost took Buxton out of the game before his final at-bat, he admitted afterward. Thankfully for Baldelli — and Buxton — a few coaches reminded the skipper what was at stake.
“He was 4 for 4 at the time. But with everything going on during a game, sometimes I’ll be the one that might miss on a hitting streak or something that’s going on with a particular player,” Baldelli said. “But once they reminded me of that, he was going to stay in the game. He was going to get another at-bat, regardless of the score, and give him a chance to do something great.”
The homer was Buxton’s 21st of the season, tied for fifth most in the American League. With two runs driven in Saturday, Buxton now has 55 RBIs on the season — just one shy of his single-season high. He boasts an OPS of .921 and is 17 for 17 in stolen bases.
“It’s one of the greatest first halves I’ve ever witnessed,” Baldelli said.
Buxton was replaced in center field after the seventh inning, but not before getting a standing ovation curtain call from Twins fans. He also received a Gatorade bath courtesy of teammate Ty France, who was headed to the clubhouse before realizing that nobody had doused Buxton yet after the game.
“It’s special,” Buxton said. “To be able to come out on bobblehead day like this and have a day like this is something I won’t forget.”