'There are parallels': It's the 'biggest banking collapse' since the 2008 global financial crisis
In 2016, Vice President Joe Biden warned against efforts to unravel banking regulations that Democrats had fought to implement following the nation’s financial crisis, just as the emerging Trump administration was determined to loosen those strict banking rules. Biden argued that without the far-reaching 2010 banking overhaul known as Dodd-Frank, financial institutions would continue to gamble with consumers' cash and ultimately hurt the middle class. Now there's a banking crisis on his watch as president, and Biden is moving aggressively to assure the public that it is contained, bank executives will be fired, deposits are safe and taxpayers aren't on the hook — measures also designed to calm jittery financial markets. For more on the biggest banking collapse since 2008, FRANCE 24 is joined by Victoria Scholar, Head of Investment at Interactive Investor.
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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 Democratic president is doing so amid significant stakes for both the U.S. economy and his political future.Â
Stocks fell amid fresh worries about the banking sector, although Wall Street more than halved its losses by the closing bell.
