Biden urges tighter rules after bank failures call for reform
Biden asked independent banking regulators to tighten oversight under existing law, blaming the prior administration for weaker supervision. The plan targets mid size banks above 100 billion in assets, seeks higher capital, enhanced stress tests, living wills and robust risk controls after Silicon Valley Bank and Signature Bank collapses and First Republic infusion.
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Used car prices rise again amid tight supply and demand
U S used car prices rebound after a months long slide due to stubborn demand and scarce supply. New car prices near 48 thousand dollars drive buyers toward pricier used options, as dealers report thinning inventories and buyers rely on tax refunds to afford cars.
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Stocks rise as fear fades and markets eye rate cuts
Wall Street advanced with the S&P 500 up 0.6 percent to 4050.83 and the Dow at 32859.03 as investors price potential Federal Reserve rate cuts this summer. Tech leaders Microsoft Apple and Amazon boosted gains while regulators’ actions reassured banks after SVB’s failure. Analysts remain wary about earnings and higher rates.
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