Last week, 25 of the largest banks in the United States recorded a $90 billion outflow of deposits after initially seeing an increase in deposits following the collapse of Silicon Valley Bank (SVB).
Customers of small U.S. banks pulled a record $119.9 billion of deposits in the seven days ending March 15, data released by the Federal Reserve showed Friday.
Ted Cruz introduces legislation to prevent the U.S. Federal Reserve from creating a digital currency to avoid financial surveillance and government control over Americans' financial information.
During an interview with CBS News on Tuesday, Moody’s Analytics Chief Economist Mark Zandi stated that the problems in the banking industry are the inevitable result of rate hikes by the Federal Reserve where “things are going to start to wobble and break and it’s going to feel uncomfortable.”
Federal regulators will testify before the House Financial Services Committee on March 29 about the Silicon Valley Bank (SVB) and Signature Bank collapses, according to a press release.