Biden says he doesn’t see anything ‘about to explode’ in banking sector


President Joe Biden on Friday called U.S. banks in “pretty good shape,” but said it would take time for things to “calm down” in the industry after the failures of two institutions.

Speaking in Ottawa, Canada, at a news conference with Prime Minister Justin Trudeau, Biden was asked about the U.S. response to turmoil in the banking industry and said: “I don’t see anything on the horizon that’s about to explode.”

The president’s statement largely echoed a statement from regulators that came out ahead of the news conference. The Financial Stability Oversight Council said that “while some institutions have come under stress, the U.S. banking system remains sound and resilient.”

Treasury Secretary Janet Yellen convened the meeting of the nation’s top financial regulators to discuss recent stresses in the U.S. banking system following the failure of Silicon Valley Bank and Signature Bank earlier this month.

Regional bank stocks
recovered during Friday trade, though financial sector equities
lagged the broader S&P 500 index

Chris Matthews contributed to this story.




Related articles

ChatGPT app downloads are slowing down, BofA finds

Sam Altman, CEO of OpenAIWin Mcnamee | Getty...

Missing Texas Teen Found Alive!

1A miracle occurred two days ago. A missing...

GM second-quarter sales increase 18.8% as supply chain stabilizes

2024 Chevrolet Silverado HD ZR2GMDETROIT – General Motors'...

How A.I. took center stage in the Hollywood writers’ strike

After failing to reach a contract resolution with...


Please enter your comment!
Please enter your name here