regulators missed red flags at the bank, including its reliance on uninsured deposits and on investments in government bonds that lost value due to high interest rates.the bank’s downfall was caused by a massive run on uninsured deposits that led to liquidity problems. She also called for a reexamination of regulatory rules, which have come under fire from lawmakers of differing political stripes.
A bank employee waits to be let in outside of the Silicon Valley Bank headquarters in Santa Clara, Calif., March 13, 2023.The abrupt demise of Signature Bank and Silicon Valley Bank last week stirred financial fears, prompting the Biden administration to take forceful action to stabilize the banking system -- including guaranteeing all deposits at the two banks.
Yellen defended the federal response during a Senate hearing on Thursday, telling lawmakers it was necessary to stem the risk of other bank runs."We felt that there was serious risk of contagion that could have brought down and triggered runs on many banks," she said. "Given that our judgment is that the banking system overall is safe and sound, depositors should have confidence in the system, and we took these actions.
. The banks, including JPMorgan and Citigroup, provided a $30 billion package to prevent First Republic from collapsing.
Same old story. Blame the individual bankers. When people forget, said actions inevitably lead to forgery. SignatureBank
What happened to Silicon Valley and other banks shows that the wolf can not be in charge of the chickens. There are so many chickens being hatched, only the wolves will know the chickens are missing.
He should be looking in the mirror.
How about punishing the Biden family for what they've been doing, ABC is avoiding this story at every means,you people are terrible doing this in America, sounds like china's media, your protecting the Biden family for some odd reason 🤔😳
LyinBiden is China bought - traitor - Time to Impeach.
President Biden is looking for a lot of things.
how about undoing the damage Trump did to banking regulations? Then do the same with railway regulations.
NO MENTION OF THE BIDENS RECEIVING CHINESE MONEY. CORRUPT —- MEDIA
So little less DEI and more risk management.
Sure like he is going to fire people in a private business. Think that is illegal.
Biden covered the rich SVB depositors who contributed $10’s of millions to his campaign.
When will the DNC return the money they got from them?
Oh yeah, I’m sure Yellen hasn’t told him she’s already sending cash to the elites who lost 💰
Jail?
How about clawing back all the bonuses they gave out 2 weeks prior to crashing
How about cover the black dude who paralyzed an Asian woman in Houston and stole $4,400 from her? Doesn’t fit your blacks can do no wrong narrative?
Don’t. Bail. Them. Out.
He should fire Yelen first
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