We have a pivotal opportunity to reshape our financial system for the benefit of all.
for Credit Suisse, further reinforcing the reality that even the mightiest banks can’t stand on their own without substantial government intervention.
In sharp contrast to private banks, public banks aren’t driven by a relentless pursuit of profits for private shareholders, which often leads to risky practices. As a result, these banks adopt more sensible and responsible strategies, guaranteeing a secure financial system. Take the Bank of North Dakota, for example, a state-run public bank that generated a profit of $144.2 million in 2021, yielding an impressive 15%for the state.
Beyond offering stability and transparency, public banks are also uniquely positioned to channel public revenue toward meaningful societal progress. With an emphasis on local economic revitalization, public banks have the potential to drive affordable housing projects, extend essential small business loans to underrepresented communities, fuel the growth of sustainable energy infrastructure, and play a central role in infrastructure such as roads, schools and public transportation.
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Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
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US CFTC to give pass over certain swap reporting failures tied to SVB, Signature Bank contractsThe U.S. Commodity Futures Trading Commission on Wednesday said it would give a pass to firms that cannot meet certain swap reporting requirements following the recent failures of Silicon Valley Bank and Signature Bank .
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Cathie Wood blames Fed for driving SVB, Signature Bank collapseCathie Wood blames the Fed for driving SVB and Signature Bank to collapse
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Why our brains are hard-wired for bank runs like those that toppled SVB, SignatureThe bank run that led SVB to fail was a rational flight to safety, behavioral finance experts said. It shows how human psychology can inject financial risk.
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Who ends up paying for SVB, Signature and other bank failures?The federal government's response to the failure of Silicon Valley and Signature banks has already involved hundreds of billions of dollars. But who will end up paying for the aid?
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Congress announces March 29 hearing into failures of SVB and Signature BankFDIC chair Martin Gruenberg and Fed vice chair for supervision Michael Barr will appear before Congress on March 29 as part of a hearing into the collapse of SVB and Signature.
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