Biden is calling for a range of safeguards for the banking system in the wake of the failures of Silicon Valley Bank and Signature Bank.
President Joe Biden urged federal regulators to take a range of steps to safeguard the banking system after the collapse of Silicon Valley Bank and Signature Bank.US President Joe Biden speaks during the Summit for Democracy virtual plenary on "Democracy Delivering on Global Challenges" in the Eisenhower Executive Office Building in Washington, DC, US, on Wednesday, March 29, 2023. Biden during the summit said he will seek $9.5 billion from Congress to promote democracy.
The White House said in a fact sheet Thursday that Biden's proposals fit into his recent effort "to strengthen oversight and regulation of larger banks so that we are not in this position again." The administration wants regulators to take a range of steps to reinstate safeguards for banks with assets between $100 billion and $250 billion and bolster supervision over financial institutions.This is a breaking story. Please check back for updates.
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Opinion | In Today’s Banking Crisis, Echoes of the ’80sFrom WSJopinion: Losses at SVB, Signature and other banks reflect the risk from borrowing short and lending long, write Charles W. Calomiris and Phil Gramm
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Fed official: SVB itself was main cause of bank’s failureThe nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
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Fed official: Bank rules under review in wake of SVB failureThe Federal Reserve's bank supervisors informed Silicon Valley Bank's management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said, but the bank's managers failed to take the steps necessary to fix its problems.
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Bank regulators blame SVB collapse on 'textbook' mismanagement during Senate grillingThe country's top banking regulators faced a grilling from lawmakers in a Senate committee hearing about who was responsible for the the failures of Silicon Valley Bank and Signature Bank.
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