Biden: Banking Crisis Is Not Over Yet


US President Joe Biden said on Tuesday his administration had done what was possible to address the crisis involving US regional banks with available authorities, but added the White House response on the matter was “not over yet.” “I think we’ve done what we need to do executively,” Biden told reporters Tuesday.

“It’s not over yet,” Biden said. “We’re watching it very closely. I think my team has handled it well so far.” The collapse of Silicon Valley Bank and Signature Bank led to a significant decline in investor confidence in the US banking sector.

US authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank and Signature Bank, as regulators guaranteed insured and uninsured deposits at the two institutions.

The Federal Reserve also launched a new backstop for lenders and altered rules at its emergency lending facility to help them meet deposit withdrawals.

Source: Qatar News Agency