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Biden says the banking crisis is easing

Regulators are working to stabilize the sector and the government is monitoring the situation, the American leader assured.

US President Joe Biden said that the crisis in the banking sector is waning, but if necessary, the country’s authorities can take new measures to support the industry. This was reported on March 29 by Bloomberg.

“I think we’ve done everything we need to. I’m sure the situation is getting better. The markets are responding to it,” Biden told reporters after the event in North Carolina.

He added that the White House could act in the future if necessary.

“This is not the end. We are closely watching everything. I think my team is working well so far,” said the American leader.

At the same time, the US President expressed doubt that legislative measures in response to the current situation will be approved by Congress.

“I’m not sure we’ll be able to make significant legislative changes. But we’re doing it,” Biden said.

The administration sought to ease Wall Street concerns about the recent collapse of a number of the nation’s regional banks, including Silicon Valley Bank and Signature Bank, as well as concerns about the prospect of a broader that financial collapse, the agency wrote.

Earlier, Biden called for the return of tough banking regulations that were removed under his predecessor, Donald Trump, and the introduction of tougher penalties for the leadership of financial institutions.

However, these initiatives are unlikely to be implemented due to the Republican majority in the House of Representatives of Congress, Bloomberg notes.

Recall that the leaders of the 11 largest banks in the US decided to allocate 30 billion dollars to ensure the deposits of the First Republic Bank, which is on the verge of a crisis.

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Source: korrespondent

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