Banking Turmoil Sparks Global Panic and Political Risks for Biden.
President Biden faces political risks as he navigates the ongoing banking crisis, with potential backlash from both saving or not saving banks. The recent infusion of $30 billion by major banks to prop up First Republic Bank and the use of the Deposit Insurance Fund to guarantee deposits in Silicon Valley Bank and Signature Bank have raised concerns about potential taxpayer-funded bailouts. Treasury Secretary Janet Yellen has reassured Americans that no taxpayer money is being used, but critics, including Republican politicians Nikki Haley and Ron DeSantis, have inaccurately labeled the actions as bailouts. Biden's political future may depend on avoiding voter fury over perceived bailouts.
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