'Your deposits will be there when you need them,' the US president reassures people as he vows stiffer bank regulation. Read more at straitstimes.com.
WASHINGTON - United States President Joe Biden declared the US banking system “safe” and vowed stiffer bank regulation, after US regulators were forced to step in with a series of emergency measures after Silicon Valley Bank and Signature Bank collapse, threatening to trigger a broader crisis.
Mr Biden also promised new regulation after the biggest US bank failure since the 2008 financial crisis. Bank shares in Europe and Asia sank on Monday before the US market’s opening, while US stock index futures were down even as some investors bet on a pause in interest rate hikes by the Federal Reserve.
Rules introduced after US banks sparked a global financial crisis in 2008 with aggressive mortgage lending were partially repealed in 2018 under former President Donald Trump. “The prospect of legislation in this polarised political world is very low,” said Dr John Coffee, a professor at Columbia Law School.
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