National

President Biden says banking crisis has subsided

Mar 18, 2023

Washington [US], March 18: US President Joe Biden said the banking crisis had subsided after the bankruptcy of two mid-sized banks.
This Reuters news agency reported on March 18 that US President Joe Biden said that the banking crisis had subsided after the collapse of Silicon Valley Bank (SVB) and Signature Bank.
The leader said the global banking system is safe, after financial stock markets lost billions of dollars in value since the collapse of two mid-sized banks in the US this past week. Earlier, President Biden assured people that their deposits were safe.
Speaking to reporters at the White House when asked if the banking crisis had subsided, he said yes.
Silicon Valley Bank (SVB) in California went bankrupt on March 10 after its fundraising efforts failed and customers withdrew their money.
Two days later, the regulator in New York state (USA) ordered the closure of Signature Bank (SB), and appointed the Federal Deposit Insurance Corporation (FDIC) - an independent government agency. US - is the receiving party to handle SB's assets.
It was the third-largest bankruptcy in US banking history and the second-largest since the 2008 financial crisis.
On March 17, President Biden called on the US Congress to authorize more banking regulators, including higher fines for leaders.
He asked Congress to allow the FDIC to recover compensation, including proceeds from the sale of shares by executives at failed banks like Silicon Valley and Signature.
Silicon Valley CEO Greg Becker sold $3.6 million of shares at the end of February, about two weeks before the FDIC took over, according to Bloomberg.
Democrats called for more regulation in the banking sector and welcomed Biden's move, but it was unclear whether the call would have bipartisan support.
Source: ThanhNien Newspaper

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