Biden says White House response to banking crisis 'not over yet' but uncertain about 'legislative change'

President Joe Biden said on Tuesday that the White House's response to the banking crisis was "not over yet" and that his administration was considering legislative changes, although that could be difficult. prove difficult in the divided Congress.< /p>

What happened: "No, it's not over yet. We're monitoring this very closely. I think my team has handled the situation very well so far And rather than getting ahead of me here, I think let's just let things evolve as they are," Biden said, according to a White House statement.

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The president said he was confident about the way the crisis is easing but also indicated his doubts about the legislative changes.

"Well, I think we did what we had to do at the executive level. I'm confident things are working out. The - the markets seem to be reacting. And so - But I am I don't know if we'll get a lot of legislative changes. But we're looking at that as well," Biden said.

Federal Reserve Vice Chairman for Oversight Michael Barr on Tuesday called Silicon Valley Bank's failure a "textbook case of mismanagement" and proposed a tightening of banking rules, according to the Financial Times.

Price Action: US markets closed in the red on Tuesday. The SPDR S&P 500 ETF Trust SPY closed down 0.22%, while the Invesco QQQ Trust Series 1 QQQ lost 0.53%.

Investors and traders will now be watching the release of the Personal Consumption Expenditures Price Index this week, which is the Fed's preferred measure of underlying price pressures.

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