Tag: economic policies

Biden’s Handling of Economy Contributed to Banking Crisis, Senate Republicans Say

March 16, 2023
banking crisisBusiness & Marketscongresseconomic policieseconomyinflationJanet YellenPoliticsUSUS News
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President Joe Biden’s handling of the national economy “contributed” to the failures of Silicon Valley Bank (SVB) and Signature Bank, Sen. Tim Scott (R-S.C.) said in remarks in front of Treasury Secretary Janet Yellen. Senate Republicans tied elevated inflation and rising interest rates to the latest string of bank failures during Secretary Yellen’s hearing in front…

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Maryland Phasing Out Gas-Powered Car Sales, GOP Says It’s Radical Move

March 16, 2023
all electric vehiclesBusiness & Marketsclimate changeeconomic policieseconomyenergyGov. Wes MooreMarylandRegional & State NewsState NewsUSUS News
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Gov. Wes Moore has announced Maryland’s plan to phase out gas-powered car sales by 2035 in its effort to curb climate change, but the GOP says this plan is too radical and impractical. “Today, we’re talking about a major transformation that is going to define this administration—and that’s how we turn Maryland from a state…

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Yellen: Americans’ Bank Savings ‘Remain Safe’ After Recent Collapses

March 16, 2023
Business & MarketsCompanieseconomic policieseconomyExecutive BranchJanet YellenMarketsPoliticsSilicon Valley Bank CollapseSVBUS
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Treasury Secretary Janet Yellen on Thursday told members of Congress that their bank deposits and savings “remain safe” after the collapse of Silicon Valley Bank and Signature Bank in recent days that prompted federal intervention. Speaking before the Senate Finance Committee, Yellen said that the federal government is committed to ensuring that deposits are safe…

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Wall Street Opens Lower as Banks Drag, ECB Hikes Rates

March 16, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Thursday after shares of First Republic Bank crashed amid fears of a banking crisis, while a large interest rate hike by the European Central Bank also dented sentiment. The Dow Jones Industrial Average fell 46.92 points, or 0.15 percent, at the open to 31,827.65. The S&P 500 opened…

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Goldman Sachs Cuts GDP Forecast, Warns of Economic Hit From Bank Rout

March 16, 2023
bank failuresBusiness & MarketsCompanieseconomic policieseconomyGoldman SachsinflationInvestmentMarketsrecessionU.S. GDP forecastUSUS News
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Goldman Sachs Group (GSG) slashed its U.S. GDP forecast and warned of an economic hit from recent bank failures. The investment bank raised its estimate of the odds of an American recession on March 15, to 35 percent over the next 12 months due to increased concern over the economic impact of stress in the…

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First Republic Bank Credit Rating Downgraded to Junk, Causing Stock to Plunge

March 16, 2023
Business & MarketsCompaniescredit ratingeconomic policieseconomyFirst Republic BankInvestmentMarketsPolicies & ImpactsUS
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First Republic Bank’s (FRB) credit rating was downgraded to junk by two rating agencies, causing its stock to dive. Fitch Ratings and S&P Global Ratings announced their concerns on March 15 that there was a risk that depositors could pull their funds from the California-based bank, despite promised federal intervention. S&P Global lowered the bank’s credit rating…

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Sen. Kennedy Says Silicon Valley Bank Crisis Could Have Been Avoided

March 16, 2023
Business & MarketsCompanieseconomic policieseconomyFDICJoe BidenJohn KennedyPoliticsRepublicansSilicon Valley Bank CollapseUSUS News
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Sen. John Kennedy (R-La.) said the Silicon Vally Bank (SVB) crisis could have been avoided, had the bank’s executives and federal regulators done their job on risk management. Speaking on the Senate floor on March 15, Kennedy emphasized that SVB Bank wasn’t broke but it had a liquidity problem. “If the management of Silicon Valley…

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LIVE 10 AM ET: Janet Yellen Testifies to the Senate Finance Committee on Budget

March 16, 2023
2024 Budget ProposalBusiness & Marketscongresseconomic policieseconomyEpochTVEpochTV LiveJanet YellenLive VideosPoliticstreasury secretaryUSUS NewsVideo
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U.S. Treasury Secretary Janet Yellen testifies to the U.S. Senate Finance Committee at 10 a.m. ET on March 16 in a hearing on The President’s Fiscal Year 2024 Budget. …

LIVE NOW: Janet Yellen Testifies to the Senate Finance Committee on Budget

March 16, 2023
2024 Budget ProposalBusiness & Marketscongresseconomic policieseconomyEpochTVEpochTV LiveJanet YellenLive VideosPoliticstreasury secretaryUSUS NewsVideo
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U.S. Treasury Secretary Janet Yellen testifies to the U.S. Senate Finance Committee at 10 a.m. ET on March 16 in a hearing on The President’s Fiscal Year 2024 Budget. …

Euro, Swiss Franc Recover a Touch as Market Mood Improves, Traders Await ECB Meet

March 16, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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SINGAPORE/LONDON—The euro and Swiss franc regained some lost ground on Thursday, as markets reacted positively to the Swiss central bank’s support for Credit Suisse, ahead of a difficult meeting for ECB rate setters. The euro was up 0.4 percent at $1.06225 having lost 1.4 percent a day earlier, its biggest percentage fall in six months,…

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