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The Latest Breaking News from Janet Yellen

US banking giants pledge $30bn to prop up First Republic Bank

Leaders of top US financial agencies say move is ‘welcome’ amid fears California-based lender could be next to collapse.

Al Jazeera

Elizabeth Warren says Republicans handed Fed chairman ‘flamethrower that he aimed at the banking rules’

The Massachusetts Democrat blames a 2018 law that Donald Trump signed weakening financial regulations

The Independent UK

Here’s Why Janet Yellen Is Calling the Banking System ‘Sound’

Treasury Secretary Janet Yellen testified before a Senate committee Thursday.

The Street

From analysis to the latest developments in health,
read the most diverse news in one place.

Biggest US banks weigh rescuing First Republic as its shares tumble – report

Citigroup, Goldman Sachs, JP Morgan and Wells Fargo are among the banks discussing a lifeline for the San Francisco-based lender

The Guardian - US

Yellen seeks to reassure US legislators after bank collapse

Treasury chief tells lawmakers customers ‘can feel confident that their deposits will be there when they need them’.

Al Jazeera

Janet Yellen: US banking system is ‘sound’ despite two collapses in a week

Treasury secretary attempts to reassure nervous investors that emergency measure succeeded and bank deposits ‘will be there’

The Guardian - US

Bank Crisis: Biden Calls For Tougher Penalties For Bank Execs, SVB Financial Files For Bankruptcy

Bank stocks fall Friday. Biden calls for tougher penalties for bank execs; SVB files for bankruptcy; First Republic suspends dividend after $30 billion rescue deposit

Investors Business Daily

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Janet Yellen says ‘serious risk of contagion’ prompted intervention in banking crisis – as it happened

Senate finance committee holds hearing on bank’s collapse and the role relaxing banking regulations had in the crisis

The Guardian - US

Janet Yellen says US banking system ‘remains sound’ and Americans should be ‘confident’

Treasury Secretary appears before the Senate Finance Committee a week after the second-largest bank collapse in the nation’s history

The Independent UK

Yellen tells Congress that U.S. banking system is "sound"

"Americans can feel confident that their deposits will be there when they need them," she said.

Axios

First Republic: Wall St pledges billions to rescue California bank as Credit Suisse lifted by liquidity line

Treasury Secretary Janet Yellen says US banking system sounds as Wall Street banks move to support First Republic

The Independent UK

Yellen to tell Congress US banking system 'remains sound'

Treasury Secretary Janet Yellen says the U.S. banking system remains sound

The Independent UK

Africa pays the price as China and Russia muscle in

Doha (AFP) - China and Russia are bolstering their presence in Africa to tap its rich natural resources, analysts say, amid grave warnings from UN agencies the world's poorest countries face accumulating crippling debts.

AFP

Easing concerns about Silicon Valley collapse

The collapse of three US banks in less than a week has sent shockwaves through the financial industry, with global stocks plunging and public confidence shaken.

Bangkok Post

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Axios

Inside Biden's SVB move to stop future bank runs

The decision to protect depositors carried some risks.

Chicago Sun-Times

Washington tries to contain chaos from Silicon Valley Bank’s failure

Analysts say there is little chance of a wider banking crisis after the failure of Silicon Valley Bank, as the banking system is well-capitalized and passed stress testing.

The Independent UK

Biden's test: Can he show competence to avert banking chaos

President Joe Biden is confronting a significant challenge as his administration grapples with the fallout from the second- and third-largest bank failures in history

The Street

SVB Collapse: Federal Reserve Reviewing Bank Failure

The results of a review of why Silicon Valley Bank in California failed will be released by the Federal Reserve in May.

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ABC News

Will Silicon Valley Bank's collapse spark a US recession with ripple effects across the globe?

Based in California and with about $US200 billion in assets, Silicon Valley Bank (SVB) was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008. The implications for financial markets and the global economy are big.

Reason

Everyone Is Learning the Wrong Lessons From the Silicon Valley Bank Collapse

Plus: Fox News troubles, junk statistics about illicit economies, and more...

Fortune

Cell phones caused Silicon Valley Bank's failure.

A bank panic in the age of Venmo is very different from similar panics in earlier eras.

The Independent UK

Biden will address the nation about the collapse of Silicon Valley Bank

While the Biden administration has no intentions of bailing out the bank, it has introduced emergency measures to protect the US economy and give bank clients access to their funds

The New Daily

US stems SVB fallout by backing customer deposits

US officials will shore up deposits to stem any broader financial fallout from the sudden collapse of Silicon Valley Bank.

Chicago Sun-Times

Feds say Silicon Valley Bank clients will get funds as another troubled bank is shuttered

The Treasury, FDIC and Federal Reserve said clients of Silicon Valley Bank would be protected as the agencies sought to find a buyer and stop further bank runs.

Fortune

Signature Bank takeover could leave crypto firms scrambling

The Treasury, Federal Reserve, and FDIC jointly announced that depositors would be made whole.

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