- Biden expressed confidence that the US banking system is stabilizing after a turbulent week.
- The failures of Silvergate Capital Corp., Silicon Valley Bank and Signature Bank raised concerns about the health of the US financial system.
- The Federal Reserve offered a new backstop and the US Treasury and Federal Deposit Insurance Corp. stepped in to protect deposits at SVB and Signature.
- The KBW Bank Index of 22 banking stocks fell another 5.3% on Friday.
- Biden called for Congress to approve tougher punishments on banking executives if mismanagement contributed to their institutions failing.
Biden Says Pressures on US Banks Have Eased After Turbulent Week
President Joe Biden expressed confidence that the turmoil roiling the US banking system is easing after a week that saw markets shaken by bank failures.
Josh Wingrove
