- Admin
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President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader crisis. Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules. His economic team worked with regulators over the weekend on the measures, which included guaranteeing deposits in both banks, setting up a new facility to give banks access to emergency funds and making it easier for banks to borrow from the Federal Reserve in emergencies.