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White House: have faith in regulators when asked about SVB Financial

Published 03/10/2023, 03:21 PM
Updated 03/10/2023, 03:26 PM
© Reuters. FILE PHOTO: White House Council of Economic Advisers Chair Cecilia Rouse listens as U.S. President Joe Biden delivers remarks on deficit reduction from the Roosevelt Room at the White House in Washington, D.C., U.S., October 21, 2022. REUTERS/Sarah Silbig

WASHINGTON (Reuters) - The White House on Friday said it had faith and confidence in U.S. financial regulators, when asked about the failure of SVB Financial Group, the largest bank failure since the 2008 financial crisis.

© Reuters. FILE PHOTO: White House Council of Economic Advisers Chair Cecilia Rouse listens as U.S. President Joe Biden delivers remarks on deficit reduction from the Roosevelt Room at the White House in Washington, D.C., U.S., October 21, 2022. REUTERS/Sarah Silbiger

Cecilia Rouse, who chairs the Council of Economic Advisers, expressed confidence in regulators when asked about the institution, which was shut down on Friday by a California banking regulator.

Rouse said the U.S. banking system was fundamentally stronger than it was during the 2008 financial crisis.

Latest comments

Just like how the subprime mortgages were contained and didn't pose any risk to the MBS market at large, right?
this is what you get when Republicans get their way and get rid of regulations on the financial industry.....
have faith in regulators...unbelievable that this administration still doesn't understand what a 30% approval rating means.
I trust nothing out of government
Oh, they'll be so disappointed to hear that.
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