![]() The trip will include fundraising stops as Biden steps up his political activities before an expected announcement next month that he will seek reelection in 2024. He will discuss gun violence prevention in Monterey Park, California, and his plans to lower prescription drug costs in Las Vegas. ![]() San Diego is Biden's first stop on a three-day trip to California and Nevada. Stocks are swinging Monday sharply as investors scramble to find someplace safe to park their money. Soon after Biden's departure, the New York Stock Exchange opened, and trading was quickly halted for three banks: First Republic Bank, Western Alliance and PacWest after shares fell by 75 percent.įinancial jitters continue to overshadow the international deal as Wall Street scrambles to figure out what is triggering multiple bank failures across the U.S. banking is safe' following the collapse of Silicon Valley Bank on Friday. While each small bank is not "systemically important" like or collectively they are as, if not more, systemically important.'ĭeclines came despite US authorities on Sunday guaranteeing customers of SVB their money would be safe and ready to withdraw Monday following a run on the $200 billion bank that triggered the second-largest collapse in history, the worst since 2008.īefore boarding Air Force 1, the president made brief remarks, hoping to reassure Americans that 'U.S. ![]() 'We need to hear from our gov't that it is explicitly committed to preserving our system of smaller banks. Therefore, the Federal Deposit Insurance Corporation needs to explicitly guarantee all deposits now. 'Our economy will not function effectively without our community and regional banking system. Trading circuit breakers were also imposed on First Republic as its price fell by two thirds and PacWest which dropped by 35 percent. Wells Fargo's stock dropped 7.5 percent, Bank of America fell 7.4 percent, Citigroup plunged 5.8 percent and JP Morgan was down 2.7 percent.Īmong the worst affected regional banks was Western Alliance which saw its stock dive by 75 percent as the opening bell sounded. Hedge fund boss Bill Ackman warned the 'economy will not function' unless Biden 'guarantees all deposits now' as the contagion spread to the Big Four trillion-dollar US banks. Ashley, 41, and Natalie, 18, followed him out of the plane doors into the California sun - as contagion spread through the financial markets.
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