Business

ANDREW CABALLERO-REYNOLDS/AFP via Getty Images (WASHINGTON) — Treasury Secretary Janet Yellen said Tuesday that “the situation is stabilizing and the U.S. banking system remains sound,” after regional bank failures have shaken the U.S. banking system. “The Fed’s facility and discount window lending are working as intended to provide liquidity to the banking system,” she said […]

Javier Ghersi/Getty Images (NEW YORK) — The collapse of Silicon Valley Bank, the second-biggest bank failure in U.S. history, has thrust the financial system into distress, pulling attention away from a separate problem: sky-high inflation. The twin economic challenges pose a dilemma for the Federal Reserve because its strongest tool, the benchmark interest rate, is […]

ANDREW CABALLERO-REYNOLDS/AFP via Getty Images (WASHINGTON) — Treasury Secretary Janet Yellen plans to say during a speech on Tuesday that “the situation is stabilizing and the U.S. banking system remains sound,” according to excerpts of her prepared remarks provided by the Treasury Department. “The Fed facility and discount window lending are working as intended to […]

Bloomberg Creative/Getty Images (WASHINGTON) — The Federal Reserve was aware of risks to Silicon Valley Bank more than a year before its collapse, ABC News confirmed on Monday following a New York Times report. Even more, ABC News has confirmed a Wall Street Journal report that the Fed cited risks to Silicon Valley Bank’s management […]

Westend61/Getty Images (NEW YORK) — Let’s be honest: electric vehicles can get a bad rap. Maybe it’s range anxiety. Or the scarcity — and uncertainty — of public charging stations. Both are valid reasons why some Americans are dubious of electric vehicles. More industry watchers are now arguing a plug-in hybrid (PHEV) may be the […]

Mario Tama/Getty Images (NEW YORK) — Awkward dads and their eager children may not dance together on TikTok for much longer — at least not in the U.S. The prospect of a nationwide TikTok ban has escalated from a theoretical possibility to a serious policy consideration, drawing growing support in Washington, D.C. However, scant details are […]

IronHeart/Getty Images (NEW YORK) — A string of bank collapses in recent days sent panic rippling through the financial sector, prompting an extraordinary U.S. government intervention to save depositors and a sharp drop for bank stocks in the U.S. and Europe. Some people and institutions, however, made money amid the turmoil. Silicon Valley Bank CEO […]

Witthaya Prasongsin/Getty Images (NEW YORK) — SVB Financial Group and top executives have been named in a federal lawsuit amid the collapse of Silicon Valley Bank, the largest bank failure since the 2008 financial crisis. A shareholder from Wisconsin, who says he lost about $12,000, is named as a plaintiff in a federal lawsuit seeking […]

Anton Petrus/Getty Images (NEW YORK) — An Ohio public pension fund for teachers revealed it lost millions by holding more than $27 million in Silicon Valley Bank shares before the bank’s collapse. The State Teachers Retirement System (STRS) of Ohio stated that the shares represented a minuscule portion of its overall holdings –.03% of the […]

ABC News (NEW YORK) — The CEO behind the company that created ChatGPT believes artificial intelligence technology will reshape society as we know it. He believes it comes with real dangers, but can also be “the greatest technology humanity has yet developed” to drastically improve our lives. “We’ve got to be careful here,” said Sam […]