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Posts tagged as “Janet Yellen”

Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following CollapseImage courtesy of media.cnn.com

Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse

By News Masher on March 12, 2023

Treasury Secretary Janet Yellen has ruled out a federal bailout for Silicon Valley Bank following its collapse, and Shalanda Young, the director of the White House Office of Management and Budget, has stressed that the US banking system is more resilient now due to reforms. Rep. Ro Khanna of California has urged the Biden administration to take "decisive action" to protect depositors and ensure access to accounts Monday morning.

FDIC Takes Control of Silicon Valley Bank After Staggering $42 Billion Bank RunImage courtesy of media.cnn.com

FDIC Takes Control of Silicon Valley Bank After Staggering $42 Billion Bank Run

By News Masher on March 12, 2023

Silicon Valley Bank has suffered a bank run, with customers withdrawing $42 billion in deposits, leaving the bank with a negative cash balance of $1 billion. The FDIC has taken control of the bank and will pay customers their insured deposits up to $250,000 on Monday. Treasury Secretary Janet Yellen has addressed the situation, saying the government may need to intervene and take emergency measures.

Treasury Secretary Janet Yellen: “We Are Concerned About Depositors and Are Focused on Trying to Meet Their Needs” Following Silicon Valley Bank CollapseImage courtesy of media.cnn.com

Treasury Secretary Janet Yellen: “We Are Concerned About Depositors and Are Focused on Trying to Meet Their Needs” Following Silicon Valley Bank Collapse

By News Masher on March 12, 2023

Treasury Secretary Janet Yellen said Sunday that the federal government will not provide a bailout for Silicon Valley Bank's investors, but is "concerned" about the impact to depositors and is working to address their needs. Silicon Valley Bank, a go-to bank for US tech startups, collapsed Friday morning and was taken over by federal regulators, making it the largest US bank failure since Washington Mutual in 2008. It is unclear what will happen to the bank's customers and investors, but financial regulators are working to address the needs of depositors.

Congress Must Act Quickly to Avoid Financial Catastrophe: Debt Ceiling Debate Divides House Republicans and President BidenImage courtesy of talkingpointsmemo.com

Congress Must Act Quickly to Avoid Financial Catastrophe: Debt Ceiling Debate Divides House Republicans and President Biden

By News Masher on March 10, 2023

This article discusses the current US debt ceiling crisis, the divide between House Republicans and President Joe Biden, and the potential consequences of not finding a resolution. Treasury Secretary Janet Yellen has warned of a potential economic and financial catastrophe if the debt ceiling is not addressed, while Rep. Greg Murphy (R-NC) has argued that the President's proposed tax on unrealized capital gains would unfairly target hardworking individuals.

Treasury Secretary Janet Yellen Visits Ukraine to Show US Support and Discuss Economic AidImage courtesy of media.cnn.com

Treasury Secretary Janet Yellen Visits Ukraine to Show US Support and Discuss Economic Aid

By News Masher on February 27, 2023

Treasury Secretary Janet Yellen made a surprise visit to Ukraine to emphasize the US commitment to supporting Kyiv in the midst of its ongoing war with Russia. During her visit, Yellen discussed the US's efforts to hold Russia accountable, as well as the Federal Reserve's efforts to bring down inflation while maintaining a strong labor market. She also discussed the US's economic assistance to Ukraine, which has totaled $14 billion since the war began.

Lael Brainard Appointed as Top Economic Adviser to President Biden Amid Debt Ceiling CrisisImage courtesy of media-cldnry.s-nbcnews.com

Lael Brainard Appointed as Top Economic Adviser to President Biden Amid Debt Ceiling Crisis

By News Masher on February 15, 2023

The White House has announced the appointment of Lael Brainard of the Federal Reserve as the new director of the National Economic Council. Brainard will be tasked with helping President Biden implement his economic agenda, including pandemic relief, infrastructure, and tax bills. However, the U.S. is currently at risk of defaulting on its debt in July if Congress does not act to raise or suspend the debt limit. Brainard's expertise and experience will be essential in helping the White House navigate this difficult situation.

CBO Report Warns Congress to Address Debt Limit Before Government Runs Out of FundsImage courtesy of media-cldnry.s-nbcnews.com

CBO Report Warns Congress to Address Debt Limit Before Government Runs Out of Funds

By News Masher on February 15, 2023

The Congressional Budget Office (CBO) released a report on Wednesday warning Congress to address the debt limit before the government runs out of funds, potentially between July and September. The report notes that the government’s spending has increased due to the coronavirus pandemic, resulting in a $3.3 trillion deficit for the 2021 fiscal year. Treasury Secretary Janet Yellen has said that a default would be economically calamitous.

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