From Washington: Former Chair of FDIC Addresses Bank Failures

The Fox News Rundown

FOX News Podcasts

Politics, Daily News, News

3.4 • 1.7K Ratings

🗓️ 18 March 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The collapse of Silicon Valley Bank and Signature Bank is raising concerns from depositors across the nation, leaving Americans uneasy about the origins and the implications of these crashes. Former Chair of the Federal Deposit Insurance Corporation Sheila Bair discusses the state of security within the American banking system and whether these bank failures reveal a systemic issue. Violence at the U.S. southern border has been a top concern among lawmakers after a Mexican cartel kidnapped four Americans and killed two. There's been a push among some congressional Republicans to designate Mexican drug traffickers and cartels as terrorist organizations. The White House has opposed this designation, saying that sanctions placed on cartels by the Treasury Department have been effective. Vice Chair on the House Committee on Homeland Security Rep. Michael Guest (R-MS) discusses what actions are being taken by Congress to address cartel violence and the next steps that Homeland Security will take to secure the border. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:33.0	Saturday, March 18th, 2023, I'm Jessica Brosenthal.
0:37.0	At least three major US banks needed interventions or rescues this past week
0:42.0	after fast-paced interest rate hikes meant to combat inflation,
0:45.0	revealed risk exposure and maybe even bad bank management.
0:49.0	This week the Fed considers more rate hikes as the Biden administration tries to assure us the banking system is sound.
0:55.0	People need to understand they're very, they're completely protected if they're under the FDIC insured deposit limits.
1:01.0	And even if they're uninsured, the vast majority banks are going to be dysfunction.
1:05.0	I'm Ryan Schmelz to designate or not to designate.
1:09.0	That is the question for some Republicans trying to pass legislation to deal with Mexican drug cartels.
1:15.0	We speak with a Republican on the House Homeland Security Committee.
1:18.0	This has really, I think, turned the country's attention, but more importantly, Congress's attention back to what's happening on the border.
1:26.0	This is the Fox News rundown from Washington.
1:38.0	This week we saw financial regulators step in and take over Silicon Valley Bank in California and Signature Bank in New York.
1:44.0	Two banks with customers engaged in high tech or crypto industries.
1:48.0	After that depositors at first Republic Bank, a bank also with a high number of uninsured accounts, began moving their money out.
1:56.0	America's largest bank stepped in with $30 billion to keep first Republic afloat.
	...

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