Four Democratic senators are calling on Treasury Secretary Janet Yellen to take action against trusts and financial vehicles used by the wealthiest individuals to avoid taxes. This comes as Congress is making no progress on how to avert a debt ceiling crisis and the recent collapses of some banks are deepening the stalemate. The senators’ letter is a step towards ensuring that the wealthiest individuals pay their fair share, but it remains to be seen whether the Treasury Secretary will take action on the proposed regulations.
Posts tagged as “Gary Cohn”
Former Goldman Sachs CEO Lloyd Blankfein and former top economic adviser in the Trump White House Gary Cohn have both recently discussed the banking industry and the potential for a systemic emergency. They both agree that the Federal Reserve, FDIC, and Treasury Department have the power to guarantee deposits bank by bank in such an event, making Americans' money "kind of safe with an ellipsis."
The US government has intervened to ensure that customers of Silicon Valley Bank and Signature Bank, which both failed this week, will have access to all of their money starting Monday, March 13. The Federal Deposit Insurance Corporation has created a “bridge bank” for SVB deposits and another for Signature Bank deposits, allowing customers to access both their insured and uninsured deposits. Questions have been raised about the stability of the banking system, but the US government has assured that losses related to SVB's collapse will not be borne by taxpayers.