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In 2010, Barack Obama signed the Dodd-Frank Act, which allows failing banks to legally seize customer deposits to bail themselves out if their collapse threatens the financial system.
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In 2010, Barack Obama signed the Dodd-Frank Act, which allows failing banks to legally seize customer deposits to bail themselves out if their collapse threatens the financial system.
In other words, if another crisis hits and the Fed can’t rescue the banks, your money could be taken to keep them afloat—what’s known as a “bail-in.”
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