Joe Biden: The banking crisis is not over yet

(Patria) - US President Joe Biden said he did everything possible to resolve the banking crisis with available powers, but that it "is not over yet," Reuters reported.

Asked if the administration would cease taking more executive actions on the matter, Biden said: "Oh, no, it's not over. We're watching very carefully."

The failures of Silicon Valley Bank (SVB) and, days later, Signature Bank, triggered a loss of investor confidence in the banking sector that shook the stock market and fueled fears of a full financial crisis.

The rescue deal for the Swiss bank Credit Suisse last week and the sale of SVB's assets to First Citizens Bank this week helped restore calm to the markets, but investors remain cautious about new problems lurking in the financial system.

The top US regulator told a Senate panel that SVB did a "terrible" job of managing risk before its collapse, rejecting criticism from lawmakers who blamed bank supervisors for missing warning signs.