GOP presidential contenders cast blame for Silicon Valley Bank collapse
Publishing timestamp: 2023-03-13 12:44:23
Summary
Former President Donald Trump and other Republican presidential hopefuls spoke out on the failure of Silicon Valley Bank, with Trump blaming President Biden and predicting a new Great Depression. Florida Gov. Ron DeSantis suggested that diversity, equity, and inclusion initiatives were to blame for the bank's failure, while experts attribute it to interest rate hikes and the bank's failure to hedge against it. The government announced a plan to ensure depositors at SVB and Signature Bank have full access to their deposits, but taxpayers won't cover the costs to insure deposits. Biden called for a "full accounting" of the situation and for steps to be taken to reduce the risk of future bank failures. Some lawmakers and critics have pointed to legislation signed by Trump in 2018 that rolled back some banking regulations as a cause of the bank's failure.
Sentiment: MIXED
Keywords: markets, signature bank, svb financial group, economy, donald trump, elections, banks, business news, breaking news: politics, joe biden, politics,
Source: https://www.cnbc.com/2023/03/13/svb-collapse-trump-desantis-haley-ramaswamy-weigh-in.html