Biden says banking crisis “isn’t over yet” – 03/28/2023 – Market

US President Joe Biden said on Tuesday that he had done his best to tackle the banking crisis with the authority available, but that it was “not over yet”.

Asked if the administration would take no further executive action to resolve the matter, Biden said: “Oh no, it’s not over yet. We’re watching closely.”

The failures of Silicon Valley Bank (SVB) and, days later, the Signature Bank, triggered a broader loss of investor confidence in the banking sector that sent stocks crashing and fueling 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 helped restore calm to markets, but investors remain wary of more trouble lurking in the financial system.

Earlier on Tuesday, a top US regulator told a Senate panel that the SVB did a “terrible” job of managing risk before its collapse, brushing aside criticism from lawmakers who blamed bank regulators for failing to pick up on the signs. alert.