Is FDIC insurance now unlimited for depositors?

Of course. It’s just money. It grows on trees and is in unlimited supply.

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no losses will be borne by taxpayer

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I think they worded it to sound better and they will all get their $250 and shut up.

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That’s not what it says.

No cost to taxpayers explain how that works, Janet!

That's about as inspiring as an AD giving the dreaded "vote of confidence" on a head coach who's on the hot seat, only to be fired days later.

This is complete bullshite!!!

So our government can decide who wins and loses?

fricking lawless administration.

Don't all banks have like $25T in assets? Kind of a slippery slope, I would say.

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So our government can decide who wins and loses?

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They see the writing on the wall - panic begets panic. They're trying to plug the drain before the baby goes with the water.

We'll see if it works.

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No cost to taxpayers explain how that works, Janet!

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I'm not Janet but that was explained in the news release posted in the OP.

Funds will be advanced by the Federal Reserve/FDIC to make whole all uninsured depositors. Then a special deposit insurance assessment will be charged to all the other FDIC covered banks until the full amount of the amount advanced is recovered.

That means the shareholders (not taxpayers) of all the other banks will be paying via decreased profits by their banks to cover the full amount advanced to make all depositors whole in the Silicon Valley Bank and Signature Bank.

This isn't the first time this type of "special insurance assessment" has been used to replenish the FDIC reserve fund.

It's a least the fourth time (early 1980's, late 1980's and the 2008-2009 Great Recession were the previous three times) that I can remember it being done without doing any research on it.