To mitigate the looming banking crisis, the Federal Reserve has implemented the Bank Term Funding Program (TFP). This program essentially acts as a backstop, providing support for two-thirds of the $3.3 trillion in cash held by U.S. banks. Rebecca underscored the gravity of the situation, emphasizing that this is the most precarious position the U.S. banking system has faced since the Great Depression. The crisis has prompted individuals to withdraw their deposits from banks and seek alternative investments, including precious metals and real estate.
