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Biden to seek tougher US banking regulations

 

US President Joe Biden on Monday said he will seek tougher banking regulations in the wake of SVB’s collapse and said the bank’s managers will be fired.

“I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again,” Biden said in televised remarks from the White House, adding that “the management of these banks will be fired.”

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