After two historic US bank failures, here's what comes next | Long Island Business News
Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures
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Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures
The Bank Term Funding Program, rolled out by the central bank on Sunday night, offers par value for underwater securities that banks pledge to obtain short-term loans. Industry insiders expressed optimism on Monday that it will buy time for institutions that have been hit by rising interest rates.
It's all reminiscent of the financial meltdown that began with the bursting of the housing bubble 15 years ago.
NEW YORK -- Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.
Regulators take control of a second bank and race to roll out emergency measures