https://sputnikglobe.com/20230312/us-media-warns-biden-admin-to-face-banking-crisis-if-no-plan-to-rescue-svb-rolled-out-soon-1108319941.html
US Media Warns Biden Admin to Face Banking Crisis If No Plan to Rescue SVB Rolled Out Soon
US Media Warns Biden Admin to Face Banking Crisis If No Plan to Rescue SVB Rolled Out Soon
Sputnik International
The administration of US President Joe Biden may face a banking crisis, unless the government urgently rolls out a plan to rescue depositors of the collapsed Silicon Valley Bank (SVB), US news website Axios reported on Sunday.
2023-03-12T16:28+0000
2023-03-12T16:28+0000
2023-03-13T09:22+0000
economy
us
bank
us economy
joe biden
bankruptcy
silicon valley bank
silicon valley bank collapse
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According to the report, Biden may be in danger of a "catastrophic" banking crisis if no rescue plan is enacted before SVB branches open on Monday. If SVB's depositors do not have access to their deposits by Monday morning, "hundreds of billions of dollars" of corporate deposits are likely to be transferred from regional banks to the so-called systemically important banks that are most unlikely to fail, Axios said. The Federal Deposit Insurance Corporation (FDIC) said that the California Department of Financial Protection and Innovation closed SVB on Friday. It became the largest bank to fail in the US after the 2007–2008 financial crisis. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB), to which all insured deposits of SVB were transferred. On Friday, US Treasury Secretary Janet Yellen convened the leaders of the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to discuss developments concerning SVB.
https://sputnikglobe.com/20230311/how-biden-and-the-fed-caused-silicon-valley-bank-to-tank-1108298080.html
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us banking crisis, silicon valley bank, svb collapse, koe biden
us banking crisis, silicon valley bank, svb collapse, koe biden
US Media Warns Biden Admin to Face Banking Crisis If No Plan to Rescue SVB Rolled Out Soon
16:28 GMT 12.03.2023 (Updated: 09:22 GMT 13.03.2023) MOSCOW (Sputnik) - The administration of US President Joe Biden may face a banking crisis, unless the government urgently rolls out a plan to rescue depositors of the collapsed Silicon Valley Bank (SVB), US news website Axios reported on Sunday.
According to the report, Biden may be in danger of a "catastrophic"
banking crisis if no rescue plan is enacted before SVB branches open on Monday. If SVB's depositors do not have access to their deposits by Monday morning, "hundreds of billions of dollars" of corporate deposits are likely
to be transferred from regional banks to the so-called systemically important banks that are most unlikely to fail, Axios said.
The Federal Deposit Insurance Corporation (FDIC) said that the
California Department of Financial Protection and Innovation closed SVB on Friday. It became the largest bank to fail in the US after the 2007–2008 financial crisis.
To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB), to which all insured deposits of
SVB were transferred.
On Friday, US Treasury Secretary Janet Yellen convened the leaders of the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to discuss developments concerning SVB.
