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[ad_1] It’s a void that’s left lawmakers all over the place, with at least one key leader — House Financial Services Chair Patrick McHenry — signaling that he’s wary about making changes to the cap. “We’ve gone from the overreaction to a period of time where we’re thinking it through,” Sen. Thom Tillis (R-N.C.) said…
[ad_1] The banking turmoil is just one of several big priorities that Treasury outlined in Secretary Janet Yellen’s agenda for the IMF-World Bank spring meetings, which begin Monday. | Andrew Harnik/AP Photo Treasury Secretary Janet Yellen plans to tell financial regulators gathered in Washington this week that the U.S. banking system is on solid ground…
[ad_1] Swiss prosecutors have opened an investigation into possible illegal activity in connection with government support for UBS’s rushed takeover of Credit Suisse. The two banks agreed to merge in March as part of an emergency deal targeted at avoiding a national financial crisis that could have had a knock-on effect globally. “The Federal Prosecutor’s…
[ad_1] “Throughout the course of that weekend I was inundated with phone calls telling me legitimate bidders were being waved off,” Sen. Bill Hagerty (R-Tenn.) told Gruenberg. “If ideology had anything to do with this, this committee is going to be deeply concerned about that.” For many Republicans, the conflict goes far beyond how Gruenberg…
[ad_1] New Delhi: The Delhi High Court on Monday granted six weeks’ time to Reserve Bank of India (RBI) for filing response in a plea seeking directions to implement Uniform Banking Code. Filed as a Public Interest Litigation (PIL) by Advocate and BJP leader Ashwini Kumar Upadhyay, the plea brings up the need for a…
[ad_1] Second, he knew what it took to deal with a banking crisis, and, specifically, how to restore public confidence in the banking system. At the worst moment of the Great Depression, he faced a much more daunting challenge than the problems of the present — and he succeeded in turning things around almost immediately….
[ad_1] Hong Kong: China’s central bank has made a surprise cut to the amount of money that banks must keep in reserve, in an effort to keep money flowing through the financial system and prop up the economy, media reports said. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio…
[ad_1] The Biden administration’s Sunday rescue plan for the Northern California bank’s customers, along with those of Signature — a New York institution that was shuttered that day — were essential for stemming a possible contagion that put “community banks across the country at great risk of runs,” Yellen said. In her prepared testimony, the…
[ad_1] As U.S. banking regulators begin their post-mortem of Silicon Valley Bank, some pundits are pointing the finger at crypto markets, whose own collapse over the past year left the tech-focused lender hopelessly exposed. The conventional wisdom about crypto is that it’s “self-referential” — a separate universe to conventional finance — and that its inherent…
[ad_1] The result, announced just minutes before financial markets in Asia reopened, was sweeping: The federal government would provide SVB’s depositors with access to all their funds, effectively averting painful financial uncertainty — and the threat of heavy losses — for thousands of venture-backed startups. Signature Bank, which had followed SVB into insolvency, would receive…