The Ripple Effect of Small Bank Stress on Emerging Markets.

After the sudden collapse of Silicon Valley Bank, federal officials worked over the weekend to prevent a nationwide banking crisis. The bank's size and complexity made it difficult to quickly wrap up a deal, but the Federal Reserve created a new emergency program that allowed it to lend directly to banks so they could cover withdrawals without having to sell off assets to raise cash. The federal government ultimately protected all deposits, even those that exceeded the FDIC's $250,000 limit. Now, Biden and lawmakers are calling for legislative changes to tighten financial rules on regional banks.