President Joe Biden told Americans Monday that the nation’s financial system is safe. Biden made the comments after the collapse of two large banks with ties to the computer technology industry. U.S. regulators closed the Silicon Valley Bank on Friday after a run on the bank. A bank run happens when too many account holders withdraw their money at the same time and the bank cannot honor their requests. The bank’s failure is the second largest in U.S. history, after the 2008 failure of Washington Mutual, based in Seattle. New York-based Signature Bank failed on Monday. The bank had more than $110 billion in assets. That makes its failure the third largest in U.S. history. Biden said he would seek to hold those responsible accountable. He also called for better oversight and regulation of large banks. He promised no losses would be paid for by taxpayers.
Which of the following is a definition of the word regulator?
a doctor of philosophy
a small scale used in chemistry
a musical instrument
an official or agency that is part of the government that controls a public activity by making and enforcing rules
What was the name of the bank that was involved in the largest bank failure in U.S. history?
Washington Mutual
Signature Bank
Silicon Valley Bank
Piggy Bank
A bank run happens when too many account holders withdraw their money at the same time and the bank cannot honor their requests.
wonderful
withdraw
whip
writhe