Biden to defend US banking system after SVB, Signature collapse
Biden on Sunday hinted at new regulation of big banks after the biggest US bank failure since the 2008 financial crisis, but faces a divided Congress.
By REUTERS
President Joe Biden will on Monday address a banking crisis that led US regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader systemic crisis. Biden on Sunday hinted at new regulation of big banks after the biggest US bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules.
His economic team worked with regulators over the weekend on the measures, which included guaranteeing deposits in both banks, setting up a new facility to give banks access to emergency funds and making it easier for banks to borrow from the Federal Reserve in emergencies.
more............. https://www.jpost.com/business-and-innovation/banking-and-finance/article-734137
Biden on Sunday hinted at new regulation of big banks after the biggest US bank failure since the 2008 financial crisis, but faces a divided Congress.
By REUTERS
President Joe Biden will on Monday address a banking crisis that led US regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader systemic crisis. Biden on Sunday hinted at new regulation of big banks after the biggest US bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules.
His economic team worked with regulators over the weekend on the measures, which included guaranteeing deposits in both banks, setting up a new facility to give banks access to emergency funds and making it easier for banks to borrow from the Federal Reserve in emergencies.
more............. https://www.jpost.com/business-and-innovation/banking-and-finance/article-734137