US has failed to bring Black and Brown Americans into banking system
Written by Black Hot Fire Network on September 11, 2023
In March, Silicon Valley Bank (SVB) collapsed after a classic bank run. SVB had taken a nearly $2 billion loss and depositors were desperate to get their money out. At the time, federal regulators strategized on how to stop the contagion, and ultimately announced depositors would receive all their money. The government immediately stepped up to prevent small businesses and others from losing a single penny. The same was true for Signature Bank – the government acted quickly to stop the financial bleeding and calm panicky investors.
