After Silicon Valley Bank collapse, President Biden says the ‘banking system is safe’
Local News
CTV: An Ottawa mother, Boravy Buth, has been charged with second-degree murder and criminal negligence resulting in death, after her infant son died in 2021, Ottawa Police announced Monday.
This comes a few weeks after the police had charged Buth and another man, Patrick O’Connor, after failing to provide the necessities of life to the infant boy.
The infant boy was seven weeks old when he died on Oct. 26, 2021.
National News
CTV: Vital Statistics, an agency that records all important records for Canadian citizens, and the National Centre for Truth and Reconciliation, signed an agreement to ensure the centre receives copies of birth and death records of Manitoban residential school victims on Monday.
One of the ways this information will be used is to create a national child registry, to help identify children who died at the schools.
The registry however will only be available to members of the victim’s family, as the National Centre for Truth and Reconciliation (NCTR) considers the information private.
While provinces such as Ontario, British Columbia and Alberta have already shared similar information, a few provinces have yet to do so.
It’s imperative the NCTR receives this information from all provinces and territories in Canada to ensure families have proper closure, according to Manitoban Government Services Minister James Teitsma.
International News
Reuters: After the sudden collapse of Silicon Valley Bank and Signature Bank, U.S. President Joe Biden announced some new protective measures to restore trust in the banking system on Monday morning.
The collapse of SVB is the largest bank collapse since the 2008 financial crisis.
In response to this, bank stocks in the United States and internationally have begun to sink rapidly, forcing the federal government to act swiftly to stop the market free fall.
During his televised statement on Monday, the president announced that he will be working with banking regulators and Members of Congress from the House of Representatives to strengthen the rules on banks to ensure a collapse like this never can happen again.
Biden also announced the federal government will be creating a new department to give banks access to emergency funds. The president as well intends to make it easier for banks to borrow from the Federal Reserve in emergency scenarios.
