Biden’s remarks come hours after his administration implemented measures to buttress the banking system and deposits at the two banks, which failed within days of each other.
The flurry of moves by authorities underscores the concerns in the banking sector that a wider, systemic financial system meltdown is on the horizon, much like what happened in 2008.
“Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks,” Sen. Tim Scott of South Carolina, the ranking Republican on the Senate Banking Committee, said in a statement. Lawmakers on both sides of the aisle are calling for a special investigator to get to the bottom of what happened. In his remarks, Mr.“We must get the full accounting of what happened and why those responsible can be held accountable,” he said. In my administration, no one is above the law.”
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