Fed Chairman Jerome Powell at yesterday’s press conference. Photo: Alex Wong/Getty Images On Wednesday afternoon, the Federal Reserve not only raised interest rates for the ninth consecutive time in the face of a banking crisis. It also confirmed that its plans for the year remain more or less intact and that almost all of its … Read more
Washington — Senator Elizabeth Warren of Massachusetts said Sunday that a Congressional proposal to make the Federal Deposit Insurance Corporation’s (FDIC) insurance ceiling of the current limit of $250,000 is an option that “should be on the table now” as lawmakers debate how to respond to the rapid collapse of two banks earlier this month. … Read more
A coalition of medium-sized US banks is calling on the government to insure all deposits for the next two years, in the wake of Silicon Valley Bank’s bailout that insured all of the company’s deposits, regardless of size. Send the news: The Mid-Size Bank Coalition of America sent a letter to regulators arguing that a … Read more
The former CEO of Silicon Valley Bank, who was at the helm of financial intuition when it collapsed, was spotted in Hawaii on Wednesday as his former colleagues scramble to pick up the pieces. Greg Becker and wife Marilyn Bautista fled to their $3.1 million Maui mansion just days after Becker, who had been CEO … Read more
Photo: Al Drago/Bloomberg via Getty Images Emergency lending to banks rose to a new all-time high in the week through Wednesday, surpassing previous highs from the 2008 financial crisis. Why it matters: The details came in a weekly Federal Reserve report released Thursday that is sure to draw more attention to what it could reveal … Read more
Washington Treasury Secretary Janet Yellen tried Thursday to allay Congressional concerns that despite the collapse of two banks over the past few days and continued jitters among consumers about the state of the financial services sector, the country’s banking system nevertheless remains strong. In testimony before the Senate Finance Committee, Yellen praised the administration’s “decisive … Read more
The last time Robinhood ran into trouble with its users, CEO Vlad Tenev was dragged before Congress. Photographer: Daniel Acker/Bloomberg © 2021 Bloomberg Finance LP if you had “Robinhood controversy” on your bingo card for the banking crisis of 2023 you are lucky. The square has just been called. Unlike the big meme stock rally … Read more
President Biden said Monday that “Americans can rest assured that our banking system is safe, your deposits are safe” following the collapse of Silicon Valley Bank. The big picture: Biden vowed to do “whatever it takes” to avoid additional bank runs. The collapse of the SVB was the second-largest bank failure in U.S. history. Biden … Read more
The surprising collapse of Silicon Valley Bank and Signature Bank continued to ripple through the US economy even as the US rushed to stabilize the banking system. In an effort to contain the risk of contagion, financial regulators announced on Sunday that they will guarantee all deposits with the banks, while That is what President … Read more
New Delhi: US President Joe Biden vowed today to take action against those responsible for the country’s banking crisis. His statement comes just hours after regulators shut down Signature Bank, a New York-based regional-sized lender. Biden also said he will speak on Monday about the US banking system and reassure Americans after the failures of … Read more
