The Biden Administration's Handling of US Banking Industry Scrutinized.

President Biden has presided over three of the four largest bank failures in US history, with experts warning that the Federal Reserve's interest rate regime could lead to additional problems across the sector. The failures of First Republic Bank, Silicon Valley Bank, and Signature Bank have cost taxpayers an estimated $36 billion. Experts largely blame the bank failures on interest rate hikes pursued by the Federal Reserve over the last year, which have forced banks to take increasingly leveraged positions. The Federal Reserve and White House have stated that the banking system is safe, but critics warn of the increasing willingness to use taxpayer money to bail out failing institutions.