President Joe Biden on Monday will 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 crisis.
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. “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 wrote.
In coming days, rules introduced after U.S. banks sparked a global financial crisis in 2008 with aggressive mortgage lending may come under the spotlight. They were partially repealed in 2018 under former President Donald Trump. “The prospect of legislation in this polarized political world is very low,” John Coffee, a professor at Columbia Law School, told Reuters.
That was the organized crime bank..
Yes by making ever taxpayer responsible for securing the deposits…