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Regulators have shut down New York-based Signature Bank. So, what does it all mean? Should you worry about where your money is? Howard Lutnick, the chairman and CEO of Cantor Fitzgerald, joined Good Day New York with some answers.Governments in the U.S. and Britain are taking extraordinary steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank prompted fears of a broader upheaval.
A person leaves from Silicon Valley Bank headquarters in Santa Clara, California, United States on March 10, 2023. In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients would be protected and able to access their money.What does it all mean? Should you worry about where your money is? Howard Lutnick, the chairman and CEO of Cantor Fitzgerald, has some answers.
While the bank is small, with less than 0.2% of U.K. bank deposits according to central bank statistics, it had a large role in financing technology and biotech startups that the British government is counting on to fuel economic growth. That will allow banks that need to raise cash to pay depositors to borrow that money from the Fed, rather than having to sell Treasuries and other securities to raise it.
President Joe Biden said Sunday evening as he boarded Air Force One back to Washington that he would speak about the situation on Monday.
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