OMB director: US banking system is ‘resilient’ amid Silicon Valley Bank collapse ...Middle East

Shalanda Young, director of the White House Office of Management and Budget, on Sunday called the U.S. banking system “resilient” as it weathers the recent collapse of the Silicon Valley Bank collapse. Young on CNN’s “State of the Union” deferred details to Treasury Secretary Janet Yellen, but stressed that the administration is closely watching the issue. “What I will say about the banking system overall is it is more resilient, it has a better foundation than before the financial crisis. That’s largely due to reforms put in place after the financial crisis. Our treasury secretary is at the helm and working diligently with regulators,” Young said. The Silicon Valley Bank was shu

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