United States authorities are working on “material action” over the weekend in an attempt to limit the ripple effect across the country’s banking system after the Silicon Valley Bank abruptly collapsed on March 10.
According to a Reuters report citing unnamed sources, officials in the Joe Biden administration assessed the impact of the bank failure over the weekend with a keen attention to venture capital firms and regional banks.
“This will be a material action, not just words,” a source told Reuters.
During a speech on March 6, the Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg spoke about the risks related to raising interest rates in the United States. “The current interest rate environment has had dramatic effects on the profitability and risk profile of banks’ funding
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