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This Week in Oklahoma Politics discusses Volkswagen choosing Canada over Oklahoma for its electric vehicle battery plant despite a $700M incentive package, Gov. Kevin Stitt declining to accept a shipment of toxic waste from the train derailment in Ohio and more.
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Treasury Secretary Janet Yellen says bank depositors can feel confident their money is safe. Yellen promised a thorough review of what went wrong at two regional banks that failed in the past week.
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A drop in shares of European lender Credit Suisse sparked fears that banking turmoil is spreading around the world.
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Silicon Valley Bank was not a household name. For four decades, SVB successfully competed with big name financial institutions only to come crumbling down in a matter of days.
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Some say the decision to guarantee deposits beyond the typical $250,000 limit was necessary to keep the financial system stable. Others argue this sets a bad precedent if other banks run into trouble.
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Consumer prices in February were 6% higher than a year ago, as inflation continues to ease. The data comes just days after the collapse of two regional lenders is roiling the banking system.
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President Biden urged calm as markets roiled over the collapse of Silicon Valley Bank. After the FDIC takeover, customers of the bank have full access to their deposits.
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Silicon Valley Bank's collapse left startups scrambling to figure out how to make payroll, or even just get checks printed.
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The Biden administration has taken pains to avoid the word "bailout" in describing the effort to rescue Silicon Valley Bank depositors. Yet banking experts say it sure does look like a bailout.
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When it was established in 1933, some 4,000 banks had closed in the first few months alone. The FDIC is relying on one of its main tools — deposit insurance — to prevent more banks from failing.