Plus, why regional and community banks are important, why some are arguing for the FDIC to raise its insurance level, and more. Email not displaying correctly?
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** The One-Minute Meeting
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Every major regional bank lost 30% to 40% of its stock value in the last four days. It is an aftereffect of the Silicon Valley Bank collapse. President Joe Biden says the government should tighten regulations to make sure banks are financially sound, and it took no time for the conversation to turn political. In 2018, Donald Trump pushed the rollback of banking regulations for banks like Silicon Valley Bank. In fact, the head of Silicon Valley Bank was one of the loudest advocates for legislation that lowered requirements for regional banks to stress test their financial positions. I will show you who in the House and Senate voted for and against that rollback in case you would like to ask them what they are thinking about that vote today.
Let’s also take a look at why regional and community banks are important to Americans. Smaller banks tend to make loans that bigger, less personable institutions won’t. Community banks are vitally important to local businesses and especially for farmers. But community and regional banks also are under a lot of pressure to make loans. A handful of big depositors can cause big ripples in smaller banks if the depositors get skittish and withdraw funds.
The Biden administration did what some thought would be unthinkable for a president who has railed against fossil fuels. It has given the go-ahead to ConocoPhillips to build a big oil drilling project in Alaska. Conservationists and protesters ([link removed]) describe the area as the country’s largest single expanse of pristine land. Many Alaskan communities, state officials and unions have written glowing endorsements supporting the project. (See a collection of the letters ([link removed]) .)
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