Date: March 18, 2023 Time: 07:14:40
Before flying to Delaware, the head of state was asked if the situation with the banks had really calmed down, to which Biden replied: “Yes.”
On the eve, the US president said that the US Congress should impose tougher sanctions against bank executives, “whose mismanagement contributed to the collapse of their institutions.”
This call was made after the closure of one of the largest banks in the United States, Silicon Valley Bank. Fears of its financial collapse spread after a technology lender sounded the alarm about liquidity problems, leading to about $52 billion worth of stock losses in the banking sector. Due to the same risks, the New York Signature Bank was also closed.
Meanwhile, according to The Wall Street Journal, US economists have discovered that nearly 200 US lending institutions could repeat the fate of Silicon Valley Bank.