Commentary by Nick Allen
President Joseph R. Biden issued an Executive Order restricting certain U.S. investments in "covered national security technologies and products" in the People’s Republic of China, Hong Kong and Macau.
President Joseph R. Biden nominated individuals for open positions on the Federal Reserve Board.
President Joseph R. Biden urged banking regulators to adopt tougher capital rules to prevent the risk of future banking crises following the failure of Signature Bank and Silicon Valley Bank.
In the 2023 Economic Report of the President, the Council of Economic Advisers examined risks associated with crypto assets. The report also described benefits of certain innovations, including DLT and the development of a possible U.S. CBDC.
U.S. President Joseph R. Biden urged Congress to "impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing." He is expected to announce Administration actions to address the financial fallout of the recent bank failures today.