To anyone knowledgeable with SIPC, what happens in the event that many firms go bankrupt at the same time (e.g. global financial collapse) and SIPC doesn't have enough funds to cover losses across all firms? As far as I'm aware, FDIC (for bona fide bank accounts) is backed by the full faith and credit of the U.S. Government (even though, on its own, it may not have enough funds to cover all liabilities, Congress can and will authorize additional funding to cover said liabilities), but I'm not sure if that's true for SIPC.