Attorneys general from nine states said they oppose the Federal Deposit Insurance Corporation’s proposed special assessments on 113 banks to cover two bank failures.

The FDIC announced earlier this year $15.8 billion split between the banks would cover 95% of the costs of uninsured deposits from Silicon Valley Bank and Signature Bank. The financial agency took over the two banks in March after they failed.

The plan would require the 113 banks, all of which have deposits of more than $50 million, to begin paying the special assessment in quarterly payments starting in January. The FDIC said these are “the types of banking organizations that benefited most from the protection of uninsured depositors.”

The attorneys general, led by Oklahoma Attorney General Gentner Drummond, said the plan would burden the banking industry and taxpayers.

[Of course, when you’re bailing out heavily Democratic institutions that have gone under, price and pain are no object. ~ Beege]