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Asked if the administration would not take any more executive action to address the matter, Biden said “Oh no, It’s not over yet. We’re watching very closely.”
The failures of Silicon Valley Bank (SVB) and, days later, Signature Bank (OTC:SBNY), set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis.
A deal to rescue Swiss bank Credit Suisse last week and a sale of SVB’s assets to First Citizens Bancshares this week has helped restore some calm to markets, but investors remain wary of more troubles lurking in the financial system.
Earlier in the day, a top U.S. regulator told a Senate panel that SVB did a “terrible” job of managing risk before its collapse, fending off criticism from lawmakers who blamed bank watchdogs for missing warning signs.
