On March 3, 2023, the Federal Deposit Insurance Corporation (FDIC) chairman, Martin Gruenberg, concluded his talk to the Institute of International Bankers with this statement: “My purpose today has been to emphasize that, while banks continue to report strong performance and problem banks and failures are few, risks remain on the horizon.”
Mr. Gruenberg wasn’t joking.
Seven days after his speech Silicon Valley Bank (SVB) was closed by regulators. A few days later, Signature Bank and Credit Suisse failed, and First Republic Bank required a massive infusion of cash in order to avert collapse.
On March 12, a mere nine days after Mr. Gruenberg’s speech, the U.S. Treasury, the Federal Reserve Bank, and the FDIC issued this assurance as part of a joint press release : The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured […]
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