(MENAFN- Trend News Agency) US President Joe Biden expressed confidence that the US banking
crisis has subsided. He was talking to reporters on the South Lawn
of the White House before flying to Delaware, trend reports citing
'Yes' he said responding to a question if he thinks that the
banking crisis has calmed down. The President's words are quoted by
the White House press corps.
Earlier on Friday, Biden asked the US Congress to give
regulators more authority to claw back pay and penalize executives
at distressed banks 'whose mismanagement contributed to their
institutions failing.' In particular, he asked Congress to
authorize the US Federal Deposit Insurance Corporation to claw back
compensation, including from the sale of stocks, from executives at
failed banks such as Silicon Valley Bank (SVB) and Signature Bank.
Biden also called on Congress to expand the FDIC's authority to bar
executives of failed banks from working in the banking sector.
On March 10, the California Department of Financial Protection
announced the bankruptcy of SVB, one of the largest banks in the
United States. This became the largest bankruptcy of a US bank
since times of the 2008 financial crisis. The Federal Deposit
Insurance Corporation was appointed as the receiver for Silicon
On March 12, the New York state regulator decided to close
Signature Bank in order to eliminate systemic risks.
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