U.S._ Biden Angles to Avert Banking Crisis .. and Avoid the Word 'Bailout'

NEWSMAX

Biden Angles to Avert Banking Crisis .. and Avoid the Word 'Bailout'

Monday, 13 March 2023 07:57 PM EDT


In 2016, Vice President Joe Biden apoke against efforts to unravel banking regulations implemented with heavy Democrat 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.

“We can’t go back to the days when financial companies take massive risks with the knowledge that a taxpayer bailout is around the corner when they fail,” Biden said in a speech at Georgetown University in the waning days of the Obama administration.

Now there's a banking crisis on his watch as president, and Biden is treying to move 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.

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READ MORE: https://www.newsmax.com/finance/streettalk/biden-wall-street-silicon-valley-banks-trump/2023/03/13/id/1112110/

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14032023
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