Hot Development: US President Joe Biden’s Statements Regarding the Banking Crisis!

US President Joe Biden spoke about the banking crisis that has had its effect in the USA and Europe.

Biden: “The Banking Crisis Is Not Over Yet”

Biden urged caution and prudence, warning that the banking crisis is not yet over.

Biden said that everything possible has been done in the banking crisis.

Biden blamed the previous administration for withdrawing certain regulations introduced after the 2008 financial crisis that he said made banks more vulnerable to fraud, mismanagement and excessive risk-taking:

“Unfortunately, the last administration rolled back some of these requirements. I will ask Congress and banking regulators to restore and improve these rules, including higher fines for executives, reimbursement of executives, and bans from failing bank officials from working in the banking industry again.”

The banking crisis erupted earlier this month when California regulators shut down SVB, a medium-sized lender serving tech startups and venture capitalists, after it was found that it had fraudulent financial statements and engaged in risky lending practices.

A few days later, Signature Bank, another medium-sized lender serving high-income individuals and businesses, also collapsed after it was revealed that SVB had massive exposure to its loans and had not disclosed its true financial position.

The bankruptcies of the SVB and Signature Bank shocked the global banking system, causing billions of dollars in depreciation in financial stocks and fears of a wider crisis.

*Not investment advice.

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