- 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.
Bloomberg — Politics — US banking — Banking — Regulation — Markets
Biden Says Pressures on US Banks Have Eased After Turbulent Week
President Biden expresses confidence that the turmoil roiling the US banking system is easing after a week of bank failures and markets shaken by it.