President Joe Biden declared the U.S. banking system safe and vowed stiffer bank regulation, after U.S. regulators were forced to step in with a series of emergency measures after Silicon Valley Bank and Signature Bank collapses
deposits to a newly created bridge bank and that all depositors would have access to their money beginning Monday morning.Rules introduced after U.S. banks sparked a global financial crisis in 2008 with aggressive mortgage lending were partially repealed in 2018 under former President Donald Trump.
Biden, a Democrat, faces a divided Congress after Republicans took control of the House of Representatives in January, and new U.S. bank regulations could be a tough sell. "The real problem here is that banks that are holding illiquid loans or securities on a hold-to-maturity basis do not have to mark them down even though they have a market value well below their balance-sheet value. But when sold some of these and revealed their loss, they created some panic."
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