The government took drastic action to shore up the banking system and make depositors of two failed banks whole. It quickly drew blowback.
Category: Treasury Department
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Was This a Bailout? Skeptics Descend on Silicon Valley Bank Response.
The New York Times – Business: -
SVB Collapse Upsets Expectations for Federal Reserve’s Rate Decision
The New York Times – Business:The Federal Reserve has been rapidly raising interest rates to fight inflation. But making big moves could be tricker amid instability.
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Silicon Valley Bank Fails After Run by Venture Capital Customers
The New York Times – Business:The Federal Deposit Insurance Corporation took control of the bank’s assets on Friday.
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Senate Confirms Daniel Werfel as IRS Commissioner
The New York Times – Business:The new commissioner of the Internal Revenue Service will oversee the agency’s $80 billion overhaul.
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Rules to Curb Illicit Dollar Flows Create Hardships for Iraqis
The New York Times – Business:The regulations were meant to prevent dollar transfers to those targeted by U.S. sanctions on Iran, Syria and Russia. But they have ended up harming ordinary Iraqis who need U.S. currency for business or travel.
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War in Ukraine Deepens Divide Among Major Economies at G20 Gathering
The New York Times – Business:Treasury Secretary Janet L. Yellen urged her counterparts at a summit in India to condemn Russia’s actions, and she defended the cost of supplying aid to Kyiv.
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U.S. Eyes Trade Deals With Allies to Ease Clash Over Electric Car Subsidies
The New York Times – Business:The Biden administration has faced backlash in Europe and Asia over its plans to bolster electric vehicle and battery production.
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U.S. Could Default on Debt as Early as Summer, New Estimate Says
The New York Times – Business:The Bipartisan Policy Center said the nation could run out of cash this summer or early fall if Congress did not raise the debt limit.
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U.S. Could Default on Its Debt Between July and September, C.B.O. Says
The New York Times – Business:The nonpartisan budget office also said that if tax receipts fall short of projections, and Congress fails to act on the debt limit, the U.S. could run out of cash before July.
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Real Interest Rates Are Moving Up, but Don’t Celebrate Yet
The New York Times – Business:While markets are predicting that inflation will fall further, savings rates still aren’t keeping up with the prices we’re paying.