Key Points
President Joe Biden will on Monday address a banking crisis that led U.S. 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 U.S. 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...
The moves sent waves of relief through Silicon Valley and made stock futures rally, but the crisis is testing confidence in the U.S. financial system and fears remained the fallout would roil global markets in the week to come...
Biden would give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added...
I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again, Biden said.. Rules introduced after U.S. banks sparked a global financial crisis in 2008 by aggressive mortgage lending may come under the spotlight in coming days..
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