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US President Joe Biden confirmed “Tuesday” that he is doing everything possible to remedy the banking crisis, but it is “not over yet.”
When asked if his administration would not take any further executive action to address the matter, Biden said, “No, it’s not over yet. We’re watching closely.”
The collapse of Silicon Valley Bank, and a few days later Signature Bank, which led to a significant decline in investor confidence in the banking sector, whose shares plunged, and there were fears of a financial crisis.
Last week’s bailout of Swiss bank Credit Suisse, and First Citizens Bankers’ announcement yesterday that it would take over Silicon Valley bank deposits and loans, have restored some calm to markets, but investors remain wary of more underlying problems in the financial system.
Earlier on Tuesday, US central bank banking supervisor Michael Barr told a Senate committee that Silicon Valley had done very bad risk management before its collapse.