The American people can have confidence that the U.S. banking system is safe, President Joe Biden said in a prepared address. While speaking before his visit to California on Monday, the president outlined his administration’s plan surrounding Silicon Valley Bank (SVB) and Signature Bank. “Your deposits will be there when you need small businesses across…
Biden Says ‘Banking System Is Safe’ Amid Fallout From SVB Collapse
March 13, 2023
admin
Business & MarketsBusiness ColumnistsCompanieseconomyJoe BidenMarketsSignature BankSilicon Valley BankSilicon Valley Bank CollapseUSUS News
0 Comment
The Silicon Valley Bank Collapse Is a Direct Consequence of Loose Monetary Policy
March 13, 2023
admin
Business & MarketsBusiness Columnistseconomyinflationloose monetary policyOpinionSilicon Valley BankSilicon Valley Bank CollapseUSUS News
0 Comment
Commentary The second-largest collapse of a bank in recent history after Lehman Brothers folded in 2007 could have been prevented. Now, the impact is too large, and the contagion risk is difficult to measure. The demise of the Silicon Valley Bank (SVB) is a classic bank run driven by a liquidity event, but the important…
Biden Insists Financial System Is ‘Safe’ Following Failures of SVB, Signature Bank
March 13, 2023
admin
Business & MarketsCompanieseconomic policieseconomyExecutive BranchJoe BidenMarketsPoliticsSilicon Valley BankUSUS News
0 Comment
President Joe Biden on Sunday issued a statement on the failures of Silicon Valley Bank (SVB) and Signature Bank, insisting that the U.S. financial system is “safe” after the Federal Reserve rolled out an emergency lending program to stabilize the banking system. It comes after the Federal Deposit Insurance Corporation (FDIC) expanded its deposit insurance…
HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound
March 13, 2023
admin
Bank RunBusiness & MarketsCompanieseconomyHSBCMarketsSilicon Valley BankUKUK financial marketUSWorld
0 Comment
Banking giant HSBC has announced a takeover of the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector. Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance…
Canadian Regulator Seizes Assets of Toronto Branch of Silicon Valley Bank
Canada’s banking regulator says it has temporarily seized assets of the Canadian branch of Silicon Valley BankSilicon Valley Fearful depositors withdrew billions of dollars from the U.S. bank in a matter of hours Friday, forcing U.S. banking regulators to urgently close the California-based institution. In a statement, Canada’s Office of the Superintendent of Financial Institutions…
Government Steps In With Plan to Protect All Deposits at Silicon Valley Bank
March 12, 2023
admin
Business & MarketsCompanieseconomic policieseconomyExecutive BranchPoliticsSilicon Valley BankSVBUSUS News
0 Comment
Banking regulators announced an emergency measure on Sunday to fully protect deposits at Silicon Valley Bank, a critical move in averting a panic over the bank’s collapse. U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have revealed the plan in a joint statement. “Today we are taking decisive actions to protect the…
2 More Banks Seek to Reassure Customers After Silicon Valley Bank Collapse
California-based First Republic Bank and Arizona-based Western Alliance Bancorporation both attempted to calm nerves around the collapse of Silicon Valley Bank after shares for both financial institutions plunged in the past week or so. First Republic Bank told customers that their deposits were safe amid fears of spillover caused by SVB’s collapse late last week…
US Officials Working to Ensure ‘Contagion Can’t Occur’ After SVB Crisis, Yellen Says
March 12, 2023
admin
Business & MarketsCompanieseconomic policieseconomyExecutive BranchJanet YellenPoliticsSilicon Valley BankSVBUS
0 Comment
Treasury Secretary Janet Yellen on March 12 confirmed that the U.S. government will not bail out Silicon Valley Bank (SVB), but she conceded that officials must prevent a contagion effect in the financial system. Since the collapse of SVB, there have been widespread contagion fears, with some experts warning that this could impact small and…
Home Depot Founder Asks Americans to ‘Wake Up’ After Silicon Valley Bank Collapse
Home Depot co-founder Bernie Marcus asked Americans to “wake up” to the reality that the U.S. economy is in “tough times,” following the collapse of Silicon Valley Bank (SVB). “I can’t wait for [President Joe] Biden to get on the speech again and talk about how great the economy is and how it’s moving forward…
UK Tech Firms Face ‘Serious Risk’ From Silicon Valley Bank Collapse, Chancellor Warns
There is a “serious risk” to the UK’s technology and life sciences sectors from the collapse of the UK branch of the California-based Silicon Valley Bank, Chancellor Jeremy Hunt has warned. U.S. federal banking regulators on March 10 assumed control of Silicon Valley Bank (SVB), a top lender for American tech and life sciences firms…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`