>>U.S. Treasury: Silicon Valley Bank Deposits To Be Paid In Full
(Washington, DC) -- The Treasury Department says it will take steps to ensure all Silicon Valley Bank deposits will be paid in full. Depositors will have access to all of their money today, according to Sunday's joint statement with the Federal Reserve and FDIC. That includes deposits beyond the federally insured ceiling of 250-thousand dollars. The Fed also announced it will make additional funding available. Silicon Valley Bank collapsed Friday after a run and capital crisis led to the second-largest failure of a bank in U.S. history. Treasury Secretary Janet Yellen told CBS Sunday that there would be no federal bailout for the failed California bank.
>>Biden Applauds Fed Regulators Response To SVB Collapse
(Washington, DC) -- President Biden is applauding the response of federal banking regulators in light of Silicon Valley Bank's recent collapse. He tweeted Sunday, saying he's pleased the Treasury, Federal Reserve and FDIC reached a solution that "protects workers, small businesses, taxpayers, and our financial system." Regulators announced they'll take steps to ensure all Silicon Valley Bank deposits will be paid in full, starting today. They also shut down New York-based Signature Bank due to "systemic risk." Biden noted he's "firmly committed to holding those responsible for this mess fully accountable."
>>Fed Calls Emergency Meeting
(Undated) -- The Federal Reserve is expected to hold a closed-door meeting of its board of governors today. The central bank didn't offer many details of the planned 11:30 am Eastern time meeting. Multiple reports suggest Friday's collapse of Silicon Valley Bank may have played a factor in the emergency meeting. The swift collapse of SVB marks the biggest bank failure since the 2008 financial crisis.
>>The Week Ahead In Economic Reports
(Undated) -- There's a slew of economic reports coming up in the week ahead. Nothing much today, but Tuesday brings us the consumer price index. Wednesday will see the release of retail sales, and well as the producer price index. Business inventories and the homebuilders survey are also scheduled for release. Weekly jobless claims come out Thursday morning along with housing starts and building permits. Consumer sentiment is due Friday.
>>Sen. Kennedy: Only Way To Improve Biden Budget "Is With A Shredder"
(Baton Rouge, LA) -- Senator John Kennedy says the only way to improve President Biden's budget proposal is "with a shredder." Appearing on Fox News Sunday, the Louisiana Republican tore into the six-point-eight-trillion-dollar proposal, saying Biden's promise that it will solve the country's financial problems shows that he doesn't know what he's talking about. Many believe the President's fiscal plan is dead on arrival in the GOP-majority House anyway. Kennedy went on to criticize Biden for taking the issue of modifying -- but not sunsetting -- Social Security off the table. He said Americans will likely continue to live longer, so it makes sense to consider raising the eligibility age for those who aren't going to retire for 40 or 50 years.
>>Ford Cutting More Jobs Overseas
(Dearborn, MI) -- Another Detroit automaker is slashing jobs in a cost cutting campaign. Ford Motor Company has announced plans to layoff eleven-hundred workers at a plant in Spain. The company had already announced job reduction plans in the U.K. and Germany. Ford says their plan to have an all-electric fleet of vehicles in Europe by 2035 hasn't changed. This, as General Motors recently announced the layoffs of around 500 workers and is offering buyout options for 58-thousand salaried workers.
>>Retirees Consider A Return To Work.
(Undated) -- A growing number of retirees are considering "unretirement." According to a study from Paychex, people out of the workforce for an average of four years list "needing more money" as one of the top reasons. That's followed by "getting bored," "feeling lonely," and "inflation." Labor statistics show the workforce participation rate was nearly 26-percent in 2021, and that's expected to climb.