News Analysis Silicon Valley Bank (SVB) failed in spectacular and sudden fashion on March 10, becoming the second largest bank to do so in our nation’s history and triggering panic in our banking system in the process. Although virtually everyone knows of SVB’s failure, not everyone understands exactly why Silicon Valley Bank failed. Many have…
Why the Banking Crisis May Just Be Beginning
March 30, 2023
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Fed Was in Talks With Silicon Valley Bank to Use Discount Window Before Collapse
March 30, 2023
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Business & MarketsCompaniescongresseconomic policieseconomyFDICFedFederal regulatorsInvestmentMarketsMichael BarrPolicies & ImpactsPoliticsSilicon Valley BankstocksUSUS News
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Federal Reserve officials were reportedly in discussions with Silicon Valley Bank (SVB) to use its discount window, right before its collapse earlier this month. The Fed’s top enforcer testified in front of Congress on March 29, as the elected representatives demanded answers for the California-based lender’s collapse. House lawmakers questioned the regulators’ competency and accused…
Senators Ask Powell If the Fed Had Been Lax in Supervising Failed SVB Bank
March 29, 2023
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Business & MarketsCompaniescongressDemocratseconomic policieseconomyInvestmentjerome powellMarketspersonal financePolicies & ImpactsPoliticsRepublicansSenate Banking CommitteeSilicon Valley BankUSUS News
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Members of the Senate Banking Committee wrote to Federal Reserve chairman Jerome Powell if he and his fellow board members were lax in supervising Silicon Valley Bank (SVB), which failed earlier this month. Five senators sent a letter to Powell on March 27, which was obtained by Bloomberg, questioning whether the central bank exercised its full legal authority…
First Citizens Shares Soar After Announcing Deal to Buy Failed Silicon Valley Bank
The share price of First Citizens Bank has soared this week following news that it would buy much of the failed Silicon Valley Bank (SVB) in the wake of its collapse. The bank, one of the nation’s largest regional financial institutions, saw its shares reach a record high on March 28, rising by as much as 7.2…
NTD Business (March 28): IRS Visits Journalist, Lawmaker Wants Answers; More Bank Danger After SVB’s Fall?
The IRS visited the home of a journalist as he testified about government abuse. Is it witness intimidation? We ask a civil rights group. At the first hearing on the Silicon Valley Bank collapse, senators questioned regulators on who is to blame for the failure. Generative AI images are starting to look real. Famous people…
US Banks Raising Savings Rates to Keep Customers From Running Due to SVB Collapse Jitters
March 28, 2023
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American banks are currently raising their savings rates to keep customers from running due to jitters following the collapse of Silicon Valley Bank (SVB) and Signature Bank. The ongoing crisis in the banking industry is pushing lenders to offer more perks for customers, USA Today reported. Many depositors have been transferring their money from regional banks…
Federal Reserve ‘Asleep at the Wheel’ in Banking Crisis: Senate Republicans
The Federal Reserve failed to use the tools at its disposal and was late in responding to the banking crisis, according to Senate Republicans. The U.S. Senate Banking, Housing, and Urban Affairs Committee held a hearing on Tuesday with Fed Vice Chair for Supervision Michael Barr, Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, and…
UK Banking System Faces ‘Very Heightened Tension’: BoE Governor
March 28, 2023
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The UK financial system is in a period of “very heightened tension and alertness” for further turmoil in the banking sector, Bank of England Governor Andrew Bailey has said. The UK banking system remains in “a strong position” but the central bank has to be “very vigilant,” Bailey told the Treasury Committee in the House…
Silicon Valley Bank a ‘Textbook Case of Mismanagement,’ Fed’s Barr Tells Senate
The failure of Silicon Valley Bank (SVB) was driven by a “textbook case of mismanagement,” Federal Reserve vice chair of supervision Michael Barr told a Senate hearing. Appearing before the Senate Banking, Housing, and Urban Affairs on Tuesday, Barr diagnosed the driving force behind the financial institution’s collapse. “SVB’s failure is a textbook case of…
Trump Says He Would Not Have Supported SVB Bailout, Brands Fed Chair ‘Too Interest Rate Happy’
March 28, 2023
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Business & MarketsDonald TrumpeconomyFederal Reservejerome powellPoliticsSilicon Valley BankTrumpUSUS News
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Former president Donald Trump has criticized Federal Reserve chair Jerome Powell for being “too interest rate happy” while taking aim at the government-aided bailout of Silicon Valley Bank (SVB). In an interview with Fox News host Sean Hannity that aired on Monday, Trump was asked whether he would have supported the bailout of SVB after it…
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