Customers have been transferring their funds to larger banks in the wake of two high-profile bank failures, with Bank of America, Wells Fargo and Citigroup seeing significant increases in deposits. President Biden has reassured consumers that the banking system is safe, but experts recommend diversifying funds by maintaining multiple accounts across FDIC-insured banks to protect them.
News Mash
Senate Majority Leader Chuck Schumer and Rep. Maxine Waters have both rid themselves of campaign contributions related to the Silicon Valley Bank collapse, which has raised questions about the role of Congress in the financial crisis. The 2018 law intended to provide relief to smaller banks was interpreted generously by the Federal Reserve, and Congress may take further action to ensure banks are held to a higher standard of oversight and safety.
A federal judge in Texas heard arguments Wednesday in a case that could potentially threaten the most common form of abortion in the United States. U.S. District Judge Matthew Kacsmaryk heard arguments from the Alliance Defending Freedom lawyers to revoke or suspend the approval of the abortion medication mifepristone, which has been used by millions of American women for over two decades. Judge Kacsmaryk did not issue a ruling Wednesday, but the outcome of the case could have far-reaching implications for women’s reproductive rights in the United States.
Stormy Daniels, an adult film actor, met with prosecutors from the Manhattan District Attorney's Office to discuss an alleged "hush money" payment made to her on behalf of former President Donald Trump during his 2016 presidential campaign. Michael Cohen, Trump's former lawyer, is giving testimony before a New York grand jury looking into the matter. Daniels is cooperating with the investigation and has expressed appreciation for the thoroughness and professionalism of the prosecutors.
NASA and Axiom Space have unveiled a new design for the next generation of spacesuits, which will provide astronauts with greater flexibility and protection from the moon's harsh environment. The suits will come in a wider range of sizes, allowing astronauts of different body types to find a comfortable fit. The prototype unveiled is a stark contrast to the puffy white suits worn by Moonwalking astronauts, and is designed to be ready for use by the first woman and person of color to walk on the moon.
NBA guard Ja Morant has been suspended for eight games without pay for "conduct detrimental to the league" following an incident where he was seen holding a gun at a nightclub. The league's investigation did not conclude that the gun belonged to Morant, and he will forfeit about $669,000 in salary. The NBA has taken a hard stance on gun-related incidents and is committed to player safety.
The Swiss National Bank (SNB) and FINMA have jointly announced that Credit Suisse (CS) has met the necessary capital and liquidity requirements. This announcement comes after investors dumped shares in the Swiss bank due to a statement from its biggest backer, Saudi National Bank. The SNB and FINMA have also said that they are ready to provide financial support to Credit Suisse if needed, in order to restore confidence in the banking sector.
Exiled Chinese billionaire Guo Wengui has been arrested by federal authorities in New York on charges of fraud and money laundering. The U.S. Attorney's Office for the Southern District of New York alleges that Guo and an associate created a series of fraudulent businesses worth $1 billion, and the FBI is currently executing a search warrant at Guo's residence. This case is part of the U.S. government's efforts to combat financial crimes, particularly those committed by Chinese nationals.