Deposit Insurance for Billionaires?

But now there is a proposal to raise that taxpayer-insured limit to -- drum roll, please -- $10 million. - Stephen Moore

• Right now, accounts are insured up to $250,000, so most Americans don't have to worry about the soundness of the bank where they store their hard-earned savings. 

We don't want 1929-style bank runs, for sure. 
But now there is a proposal to raise that taxpayer-insured limit to -- drum roll, please -- $10 million.
Huh? 

• How many Americans have $10 million to deposit in the bank?...

But we really should call this latest proposal "the Billionaire Insurance Act."...