Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

US government moves to stop potential banking crisis


March 13, 2023

Mariam Zuhaib, Associated Press

Treasury Secretary Janet Yellen listens during a House Ways and Means committee hearing on President Joe Biden's fiscal year 2024 budget request, March 10, 2023, on Capitol Hill.

NEW YORK - The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.

The announcement came amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread, and only hours before trading began in Asia. Regulators had worked all weekend to try and come up with a buyer for the bank, which was the second largest bank failure in history. Those efforts appeared to have failed as of Sunday.

In a sign of quickly the financial bleeding was occurring, regulators announced that New York-based Signature Bank had failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.


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