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Another option: to delay repayment of the district’s economic stabilization fund, otherwise known as the rainy day fund, that helps protect the district against unforeseen circumstances.

"However, there are considerable risks associated with the Economic and Stabilization Fund."

News reports have also suggested that regulators are looking at other mechanisms of acting without Congress, specifically by tapping into the Exchange Stabilization Fund.

Senator Bill Hagerty of Tennessee told Yellen during the hearing that it would be a “misuse” of the stabilization fund.

A permanent change to the Federal Deposit Insurance Corp.’s $250,000 cap would require Congressional approval, but Treasury has access to a roughly $30 billion pot of money in the Exchange Stabilization Fund that some officials have said could be leveraged for a temporary measure.