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gotten government bailout money paid bonuses to their executives. In his memoir, “A Promised Land,” former President Barack Obama bristled over the Taylor Heinicke Wearing Atl Falcons Est 1966 T-Shirt in addition I really love this “clueless attitude of the Wall Street executives whose collective asses we were pulling out of the fire.” The smaller scale of the SVB failure compared to the 2008 calamity gives Biden space to both shore up customer confidence in the banking system and seek accountability for those potentially responsible for the crisis, a former official said. When Obama took office, “assurance was greater than accountability given the scale of the global problem,” said Robert Gibbs, a former White House press secretary. “We were more trying to bail out the boat from sinking than we were looking for a new boat.” Heading toward a likely re-election campaign, Biden can’t afford the sort of populist uproar the ’08 crisis triggered. And there is reason enough to worry. Last Thursday, when federal officials began hearing reports of panicked withdrawals from
SVB, “the Taylor Heinicke Wearing Atl Falcons Est 1966 T-Shirt in addition I really love this indicators were flashing red,” a second White House official said, speaking on condition of anonymity to discuss closed-door conversations. The Justice Department has opened an investigation into the bank’s collapse, NBC News reported Tuesday. But on its own, the White House may take administrative action or throw its weight behind legislation that would “claw back” the bonus money or any stock sale gains, the first official said. Rep. Adam Schiff, D-Calif., is introducing legislation to recover stock proceeds and bonus money paid in the run-up to the bank’s failure. Biden privately told his advisers in meetings over the weekend that he wants tougher regulations on banks to prevent future failures, the second official said. Biden wants Congress to reverse the deregulatory actions lawmakers took during the Trump administration — a move critics contend has made banks more vulnerable to financial stresses. It’s not clear that Biden has a specific blueprint in mind, but Sen. Elizabeth Warren, D-Mass., and Rep. Katie Porter, D-Calif., are putting forward legislation that would restore the tougher requirements that were scuttled under President Donald Trump. Biden was first briefed about SVB’s troubles Friday morning and was told the bank might need to be shuttered, according to accounts from administration officials. Federal regulators closed it later in the day. Back home in Wilmington, Delaware, over the weekend, Biden went to church services and got video briefings from Treasury Secretary Janet Yellen, White House
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