Silicon Valley Bank initiates auction process, JPMorgan Chase and PNC express interest in acquiring non-bank division; Biden: Strengthen bank regulation
After Silicon Valley Bank (SVB) collapsed and was taken over by the FDIC last Friday (11), Bloomberg reported that the auction process for SVB also began on the same day and ultimately ended the next day (12). However, the FDIC has not announced any decisions yet and may not reach an agreement with any buyers.
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Biden: Will Strengthen Regulation on Large Banks
In response to the current situation, U.S. President Biden also spoke out on Twitter this morning, mentioning that with the cooperation of financial regulatory agencies, the deposits of the American people and businesses will be available when needed. He also stated that there will be increased oversight on large banks and announced that he will give a speech at 8 p.m. Taiwan time on the 13th.
I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.
I’ll have more to say on this tomorrow morning.
— President Biden (@POTUS) March 13, 2023
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