Biden on Sunday hinted at new regulation of big banks after the biggest US bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules.
"The American people and American businesses can have confidence that their bank deposits will be there when they need them," Biden said in a statement. Rules introduced after US banks sparked a global financial crisis in 2008 by aggressive mortgage lending may come under the spotlight in coming days. They were partially repealed in 2018 under former President Donald Trump.
"The prospect of legislation in this polarized political world is very low," John Coffee, a professor at Columbia Law School, told Reuters.
Source: Financial Digest (financialdigest.net)
Print it!
How many more banks can the government guarantee payment to the depositors? Where to get the funds to pay? U can't wrap fire with paper.
No more USA treasury to Ukraine. Where the hell is congress. Not all USA citizens agree bondage our children future to Ukraine war debt
When China property in trouble,the Gov took steps and they manage to prevent bigger issues. Here in US.. let it bankrupt. Then blame on others. US Gov is always right.
In the meantime, Temasek proudly announce that it had been another cornerstone investor of SVB. Just like the one in FTX.
This time it will be worse than the 2008 financial crisis
pathetic leadership
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