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How Silicon Valley Bank Collapsed in 36 Hours | WSJ What Went Wrong
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00:00
Four decades after its creation, Silicon Valley Bank was the 16th largest bank in the U.S.
矽谷銀行成立四十年後，成為美國第十六大銀行。
00:06
It took just a day and a half for it to fall apart.
它僅用了一天半的時間就瓦解了。
00:09
This is the second biggest bank failure that's ever happened in the United States.
這是美國史上第二大的銀行倒閉案。
00:14
Once seen as a major tech banking player, SVB's stunning collapse spurred other bank closures, rattled global markets, and threatened the livelihoods of startups across the country.
矽谷銀行曾被視為主要的科技銀行業者，其驚人的倒閉引發了其他銀行關閉、震撼全球市場，並威脅全國各地新創公司的生計。
00:25
So what went wrong?
那麼，究竟出了什麼問題？
00:29
Silicon Valley Bank opened in 1983 to serve fledgling tech companies.
矽谷銀行於1983年開業，旨在服務新興科技公司。
00:34
Eventually, nearly half of the country's venture capital-backed technology and life sciences companies would rely on SVB. Roku, Roblox, and many others put millions into the bank, helping SVB become one of the nation's largest.
最終，美國近半數由創投支持的科技和生命科學公司都依賴矽谷銀行。Roku、Roblox和許多其他公司將數百萬美元存入該銀行，幫助矽谷銀行成為全國最大的銀行之一。
00:49
Some of these clients would definitely be considered risky.
其中一些客戶絕對會被認為是高風險的。
00:52
These are companies that move quickly and their money moves quickly.
這些公司運作快速，其資金流動也快速。
00:55
When things sort of went off their rails, they were quick to move their money out of the bank.
當事情脫軌時，他們也迅速將資金從銀行轉出。
00:59
After the banking crisis that triggered the Great Recession, President Barack Obama signed the Dodd-Frank Act, making banks like SVB face stricter regulation.
在引發大衰退的銀行危機之後，歐巴馬總統簽署了《陶德-法蘭克法案》，使矽谷銀行等銀行面臨更嚴格的監管。
01:09
It is designed to make sure that everybody follows the same set of rules.
它的設計旨在確保每個人都遵循同一套規則。
01:13
But eight years later, during the Trump administration, some of those regulations on smaller banks were rolled back.
但八年後，在川普政府時期，一些針對小型銀行的法規被撤銷了。
01:19
By liberating small banks from excessive bureaucracy, and that's what it was, bureaucracy.
透過將小型銀行從過度官僚主義中解放出來，而那正是官僚主義。
01:24
We are unleashing the economic potential of our people.
我們正在釋放我們人民的經濟潛力。
01:30
Some of the rules were rolled back for these banks that had less than $250 billion in assets.
對於資產少於2500億美元的銀行，一些規定被撤銷了。
01:35
So you have the biggest banks like Bank of America and Chase.
因此，你有像美國銀行和摩根大通這樣的大銀行。
01:39
Those have very strict rules, but the ones that are a step below have looser rules.
這些銀行有非常嚴格的規定，但次一級的銀行則有較寬鬆的規定。
01:43
Two years later, SVB was flooded with cash as businesses deposited more during the pandemic.
兩年後，由於企業在疫情期間存入更多資金，矽谷銀行被現金淹沒。
01:49
Deposits tripled in two years to $189 billion, making 2021 SVB's most profitable year ever.
存款在兩年內增加了兩倍，達到1890億美元，使2021年成為矽谷銀行有史以來最賺錢的一年。
01:59
Our core business continues to fire on all cylinders.
我們的核心業務持續蓬勃發展。
02:02
So SVB Financial took that cash and bought tens of billions of dollars of longer-term U.S.
因此，SVB Financial 將這些現金用於購買數百億美元的長期美國
02:08
Treasuries and government-backed mortgage securities.
國庫券和政府擔保抵押證券。
02:11
Products usually considered safe.
這些產品通常被認為是安全的。
02:14
People and companies just put money in their bank accounts and banks said, we have to do something with this.
人們和公司只是將錢存入他們的銀行帳戶，而銀行說，我們必須對這些錢做些什麼。
02:18
We have to earn some income on it, so they bought bonds with it.
我們必須從中賺取一些收入，所以他們用這些錢購買了債券。
02:21
SVB's securities portfolio rose about $100 billion in under a year.
SVB 的證券投資組合在不到一年的時間裡增加了約 1,000 億美元。
02:27
After SVB had stockpiled that $100 billion plus in bonds, all of a sudden interest rates rose.
在 SVB 囤積了超過 1,000 億美元的債券之後，利率突然上升了。
02:34
Committee anticipates that ongoing increases in the target range for the federal funds rate will be appropriate.
委員會預期，聯邦基金利率目標區間持續上調將是適當的。
02:40
What happens when interest rates rise is bond prices fall.
利率上升時，債券價格就會下跌。
02:43
Banks, including SVB that were holding on to a lot of bonds, were sitting on a bunch of losses.
包括 SVB 在內，持有大量債券的銀行都面臨著大量虧損。
02:49
Soon, SVB's investments were worth $17 billion less than their fair value.
很快，SVB 的投資價值比其公允價值少了 170 億美元。
02:55
And so all of a sudden, the gap between what SVB had paid for those bonds and what they were worth on paper had jumped to more than $17 billion.
因此，SVB 為這些債券支付的價格與其帳面價值之間的差距突然跳升至超過 170 億美元。
03:03
And that was the key risk that would eventually lead to SVB's undoing.
這就是最終導致 SVB 倒閉的關鍵風險。
03:08
Making matters worse, as interest rates rose, new deposits shrank.
更糟的是，隨著利率上升，新存款縮減了。
03:12
Following nearly $30 billion from March to December.
從 3 月到 12 月，存款減少了近 300 億美元。
03:17
Talking about the end of 2022, CEO Greg Becker told CNBC...
談到 2022 年底，執行長 Greg Becker 告訴 CNBC...
03:21
We kind of felt that bottoming out.
我們感覺到觸底了。
03:24
We kind of felt that we were kind of at that lower point.
我們感覺到我們處於那個低點。
03:27
The vast majority of the bank's deposits were held in just 37,000 accounts.
該銀行絕大多數存款僅存放在 37,000 個帳戶中。
03:32
That held more than $250,000.
該帳戶持有超過25萬美元。
03:35
The amount ensured by the FDIC.
這是聯邦存款保險公司（FDIC）承保的金額。
03:37
Then, in a regulatory filing on March 8, SVB announced it sold a large chunk of securities at a loss of about $1.8 billion to help it cover that decline in deposits.
隨後，在3月8日的一份監管文件中，矽谷銀行（SVB）宣布以約18億美元的虧損出售了大量證券，以彌補存款下降。
03:50
The regulatory filing that Wednesday sparked a lot of fear.
週三的這份監管文件引發了極大的恐慌。
03:53
The stock fell a tremendous amount, which is never a good sign.
股價大幅下跌，這絕不是個好兆頭。
03:57
And investors were already on edge.
投資者本已如坐針氈。
04:00
Crypto-focused bank Silvergate had just announced it would wind down and return all deposits.
專注於加密貨幣的銀行Silvergate剛宣布將清盤並退還所有存款。
04:05
So the bottom was about to fall out.
因此，情況即將一發不可收拾。
04:09
Start-up CEOs began receiving urgent calls from panicked venture capital investors.
新創公司的執行長們開始接到恐慌的創投投資者打來的緊急電話。
04:15
He was out of breath like he had just run a marathon.
他氣喘吁吁，就像剛跑完馬拉松一樣。
04:18
And he said, take your money out of SVB.
他說，把你的錢從矽谷銀行（SVB）取出來。
04:21
Go into your account, take your money out as soon as possible.
登入你的帳戶，盡快把錢取出來。
04:24
What started as a trickle of withdrawals quickly turned into a tidal wave as words spread across the valley.
最初只是零星提款，隨著消息在矽谷傳開，很快就演變成一股提款巨浪。
04:30
More and more startups pulled their cash.
越來越多的新創公司提取了他們的現金。
04:33
It was a run on the bank and the beginning of the end for SVB.
這是一場銀行擠兌，也是矽谷銀行（SVB）走向終結的開始。
04:38
The next day, the bank's stock price went into free fall as customers tried to withdraw $42 billion in deposits.
隔天，隨著客戶試圖提取420億美元的存款，該銀行的股價自由落體式下跌。
04:47
SVB ran out of cash.
矽谷銀行（SVB）現金告罄。
04:49
All of a sudden, everyone's saying, whoa, wait a minute, this bank is risky.
突然間，大家都在說：「哇，等等，這家銀行有風險。」
04:53
The bank has enough money to cover deposits if they come out in sort of a peaceful, orderly fashion.
如果存款以一種平靜有序的方式被提取，銀行有足夠的資金支付存款。
04:58
When everyone's racing for the exits at once, it doesn't.
但當所有人都同時爭相提款時，它就沒有了。
05:01
That day, regulators seized the bank.
當天，監管機構接管了該銀行。
05:05
The FDIC said in a statement that customers would have full access to their insured deposits in three days.
聯邦存款保險公司（FDIC）在一份聲明中表示，客戶將在三天內完全取用其受保存款。
05:12
But the bank had more than $151 billion worth of deposits at the end of 2022 that weren't insured.
但截至2022年底，該銀行有超過1,510億美元的存款未受保。
05:20
They were over the $250,000 limit.
這些存款超過了25萬美元的上限。
05:23
Two days after SVB's collapsed, a second bank with a different set of problems, signature, failed and was seized by regulators.
在矽谷銀行（SVB）倒閉兩天後，另一家有著不同問題的銀行Signature也宣告失敗，並被監管機構接管。
05:31
The third largest failure in history.
這是歷史上第三大銀行倒閉案。
05:34
And now people are starting to worry about other banks as well.
現在人們也開始擔心其他銀行。
05:38
It's very much kind of a whack-a-mole situation right now.
目前的情況很像打地鼠遊戲。
05:42
Federal officials, data officials, everyone's in sort of this unenviable position of trying to shore up confidence in the banking industry.
聯邦官員、數據官員，所有人都處於這種不令人羨慕的境地，試圖重振銀行業的信心。
05:48
So it doesn't turn into an even bigger panic.
以免演變成更大的恐慌。
05:51
On Sunday, March 12, regulators announced that even uninsured deposits over $250,000 from the two banks would be covered.
3月12日星期日，監管機構宣布，即使是這兩家銀行超過25萬美元的未受保存款也將獲得保障。
05:59
On Monday, March 14, signature told clients that due to the U.S. Treasury, Federal Reserve and FDIC, all deposits were not at risk.
3月14日星期一，Signature銀行告知客戶，由於美國財政部、聯邦儲備委員會和聯邦存款保險公司的介入，所有存款均無風險。
06:10
SVB's focus on Silicon Valley made it uniquely vulnerable to a run.
矽谷銀行專注於矽谷，使其特別容易受到擠兌的影響。
06:14
Its fortunes were really tied to the fortunes of this one industry.
它的命運確實與這個單一行業的命運緊密相連。
06:18
But what's more, this is an industry that has flighty deposits.
更重要的是，這是一個存款不穩定的行業。
06:22
You can't really rely on this short-term funding necessarily to support these long-term investments and bonds.
你不能真正依賴這種短期資金來支持這些長期投資和債券。
06:29
Now some, like President Joe Biden, are blaming the Dodd-Frank Act rollback for the failures.
現在，一些人，例如喬·拜登總統，將這些失敗歸咎於《多德-弗蘭克法案》的放鬆管制。
06:36
I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again.
我將要求國會和銀行監管機構加強對銀行的監管規定，以降低此類銀行倒閉再次發生的可能性。
06:44
With investigations into SVB underway, the bank's clients will see their money returned.
隨著對矽谷銀行的調查正在進行，該銀行的客戶將會看到他們的資金被返還。
06:49
But shareholders are out of luck.
但股東們則將蒙受損失。
06:52
When asked about the possibility of bailing out Silicon Valley Bank, the Treasury Secretary said, We're not going to do that again, but we are concerned about depositors and are focused on trying to meet their needs.
當被問及救助矽谷銀行的可能性時，財政部長表示：「我們不會再那樣做了，但我們關心存款人，並專注於努力滿足他們的需求。」

How Silicon Valley Bank Collapsed in 36 Hours | WSJ What Went Wrong

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📝 影片摘要

矽谷銀行（SVB）在成立四十年後，曾是美國第十六大銀行，卻在短短36小時內瓦解，成為美國史上第二大銀行倒閉案。SVB專注服務科技新創公司，在疫情期間存款激增，將大量現金投資於長期美國國庫券和政府擔保抵押證券。然而，聯準會升息導致這些債券價值大幅下跌，同時新存款縮減。2023年3月，SVB出售證券蒙受巨額虧損，引發客戶恐慌性提款，最終導致銀行擠兌和倒閉。此事件凸顯了對特定產業的高度依賴、存款不穩定性，以及2018年部分銀行監管規定被放寬所帶來的風險。美國政府迅速介入，確保所有存款獲得保障，以避免更大的金融危機。

📌 重點整理

  • ✓ 矽谷銀行曾是美國第十六大銀行，在36小時內迅速倒閉，成為美國史上第二大銀行倒閉案。
  • ✓ SVB專注服務新興科技公司，吸引大量創投支持的科技和生命科學公司存款，但這些客戶的資金流動快速且風險較高。
  • ✓ 《陶德-法蘭克法案》曾加強銀行監管，但在川普政府時期，針對資產少於2500億美元的銀行部分法規被放寬。
  • ✓ 疫情期間SVB存款激增，將數百億美元投資於長期美國國庫券和政府擔保抵押證券。
  • ✓ 聯準會升息導致債券價格下跌，SVB的投資組合面臨170億美元的未實現虧損，同時存款也開始縮減。
  • ✓ SVB為彌補存款下降，以18億美元虧損出售大量證券，加上加密貨幣銀行Silvergate倒閉，引發市場恐慌。
  • ✓ 恐慌性提款迅速演變成銀行擠兌，客戶試圖提取420億美元，導致SVB現金耗盡並被監管機構接管。
  • ✓ 美國政府迅速介入，宣布所有存款（包括未受保部分）均獲得保障，以恢復信心並避免危機蔓延，但股東將蒙受損失。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
銀行倒閉
bank failure
監管
regulation
撤銷
rolled back
存款
deposits
美國國庫券
Treasuries
證券
securities
利率
interest rates
債券價格
bond prices
公允價值
fair value
銀行擠兌
bank run

🔍 自訂查詢

📚 共 10 個重點單字
bank failure /bæŋk ˈfeɪljər/ noun
a situation in which a bank is unable to meet its obligations to its depositors and creditors and is therefore closed by regulators
銀行倒閉
📝 例句
"This is the second biggest bank failure that's ever happened in the United States."
→ 這是美國史上第二大的銀行倒閉案。
✨ 延伸例句
"The government intervened to prevent a widespread bank failure."
→ 政府介入以防止大規模的銀行倒閉。
regulation /ˌreɡjuˈleɪʃn/ noun
an official rule or order controlling how something is done
監管；法規
📝 例句
"President Barack Obama signed the Dodd-Frank Act, making banks like SVB face stricter regulation."
→ 歐巴馬總統簽署了《陶德-法蘭克法案》，使矽谷銀行等銀行面臨更嚴格的監管。
✨ 延伸例句
"Financial regulations are designed to protect consumers."
→ 金融法規旨在保護消費者。
rolled back /roʊld bæk/ phrasal verb
to reduce the power of a law, system, or organization
撤銷；削減
📝 例句
"But eight years later, during the Trump administration, some of those regulations on smaller banks were rolled back."
→ 但八年後，在川普政府時期，一些針對小型銀行的法規被撤銷了。
✨ 延伸例句
"The new policy aims to roll back environmental protections."
→ 新政策旨在削減環境保護措施。
deposits /dɪˈpɒzɪts/ noun
money that is placed in a bank or other financial institution
存款
📝 例句
"Deposits tripled in two years to $189 billion, making 2021 SVB's most profitable year ever."
→ 存款在兩年內增加了三倍，達到1890億美元，使2021年成為矽谷銀行有史以來最賺錢的一年。
✨ 延伸例句
"Many customers withdrew their deposits during the crisis."
→ 許多客戶在危機期間提取了他們的存款。
Treasuries /ˈtreʒəriz/ noun
bonds or other debt instruments issued by the U.S. government
美國國庫券
📝 例句
"So SVB Financial took that cash and bought tens of billions of dollars of longer-term U.S. Treasuries and government-backed mortgage securities."
→ 因此，SVB Financial 將這些現金用於購買數百億美元的長期美國國庫券和政府擔保抵押證券。
✨ 延伸例句
"Treasuries are generally considered low-risk investments."
→ 美國國庫券通常被認為是低風險投資。
securities /sɪˈkjʊərətiz/ noun
financial instruments that can be traded, such as stocks and bonds
證券
📝 例句
"So SVB Financial took that cash and bought tens of billions of dollars of longer-term U.S. Treasuries and government-backed mortgage securities."
→ 因此，SVB Financial 將這些現金用於購買數百億美元的長期美國國庫券和政府擔保抵押證券。
✨ 延伸例句
"The company issued new securities to raise capital."
→ 該公司發行新證券以籌集資金。
interest rates /ˈɪntrəst reɪts/ noun
the percentage charged on the total amount of a loan or paid on the total amount of a deposit
利率
📝 例句
"After SVB had stockpiled that $100 billion plus in bonds, all of a sudden interest rates rose."
→ 在SVB囤積了超過1000億美元的債券之後，利率突然上升了。
✨ 延伸例句
"The central bank decided to raise interest rates."
→ 中央銀行決定提高利率。
bond prices /bɒnd praɪsɪz/ noun
the current market value of a bond
債券價格
📝 例句
"What happens when interest rates rise is bond prices fall."
→ 利率上升時，債券價格就會下跌。
✨ 延伸例句
"Rising inflation can negatively impact bond prices."
→ 通貨膨脹上升可能會對債券價格產生負面影響。
fair value /fɛər ˈvæljuː/ noun
the estimated worth of an asset or liability, often used in accounting
公允價值
📝 例句
"Soon, SVB's investments were worth $17 billion less than their fair value."
→ 很快，SVB的投資價值比其公允價值少了170億美元。
✨ 延伸例句
"The auditor assessed the fair value of the company's assets."
→ 審計師評估了公司資產的公允價值。
bank run /bæŋk rʌn/ noun
a situation where many clients withdraw their money from a bank at the same time, because they believe the bank is going to fail
銀行擠兌
📝 例句
"It was a run on the bank and the beginning of the end for SVB."
→ 這是一場銀行擠兌，也是矽谷銀行走向終結的開始。
✨ 延伸例句
"Rumors of insolvency can trigger a bank run."
→ 破產傳聞可能引發銀行擠兌。
🎯 共 10 題測驗

1 Which position did Silicon Valley Bank hold among U.S. banks before its collapse? 在倒閉之前，矽谷銀行在美國銀行中排名第幾？ Which position did Silicon Valley Bank hold among U.S. banks before its collapse?

在倒閉之前，矽谷銀行在美國銀行中排名第幾？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video states that Silicon Valley Bank was the 16th largest bank in the U.S. before its collapse.

影片中提到，矽谷銀行在倒閉前是美國第16大銀行。

2 What legislation was signed after the Great Recession to impose stricter regulations on banks like SVB? 在大衰退之後，簽署了哪項立法以對像SVB這樣的銀行實施更嚴格的監管？ What legislation was signed after the Great Recession to impose stricter regulations on banks like SVB?

在大衰退之後，簽署了哪項立法以對像SVB這樣的銀行實施更嚴格的監管？

✅ 正確！ ❌ 錯誤，正確答案是 B

President Barack Obama signed the Dodd-Frank Act after the banking crisis that triggered the Great Recession, making banks like SVB face stricter regulation.

歐巴馬總統在引發大衰退的銀行危機之後，簽署了《陶德-法蘭克法案》，使SVB等銀行面臨更嚴格的監管。

3 During which U.S. presidential administration were some regulations on smaller banks, including those with less than $250 billion in assets, rolled back? 在美國哪位總統的執政期間，針對包括資產少於2500億美元的銀行在內，部分小型銀行的法規被撤銷了？ During which U.S. presidential administration were some regulations on smaller banks, including those with less than $250 billion in assets, rolled back?

在美國哪位總統的執政期間，針對包括資產少於2500億美元的銀行在內，部分小型銀行的法規被撤銷了？

✅ 正確！ ❌ 錯誤，正確答案是 B

Eight years after the Dodd-Frank Act, during the Trump administration, some regulations on smaller banks (those with less than $250 billion in assets) were rolled back.

在《陶德-法蘭克法案》簽署八年後，川普政府時期撤銷了一些針對小型銀行（資產少於2500億美元）的法規。

4 By how much did SVB's deposits triple in two years, reaching what amount by 2021? 矽谷銀行的存款在兩年內增加了多少倍，到2021年達到了多少金額？ By how much did SVB's deposits triple in two years, reaching what amount by 2021?

矽谷銀行的存款在兩年內增加了多少倍，到2021年達到了多少金額？

✅ 正確！ ❌ 錯誤，正確答案是 B

Deposits tripled in two years to $189 billion, making 2021 SVB's most profitable year ever.

存款在兩年內增加了三倍，達到1890億美元，使2021年成為矽谷銀行有史以來最賺錢的一年。

5 What did SVB Financial primarily purchase with the large influx of cash it received during the pandemic? 在疫情期間收到大量現金後，SVB Financial 主要用這些資金購買了什麼？ What did SVB Financial primarily purchase with the large influx of cash it received during the pandemic?

在疫情期間收到大量現金後，SVB Financial 主要用這些資金購買了什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

SVB Financial took that cash and bought tens of billions of dollars of longer-term U.S. Treasuries and government-backed mortgage securities.

SVB Financial 將這些現金用於購買數百億美元的長期美國國庫券和政府擔保抵押證券。

6 According to the video, what generally happens to bond prices when interest rates rise? 根據影片內容，當利率上升時，債券價格通常會發生什麼變化？ According to the video, what generally happens to bond prices when interest rates rise?

根據影片內容，當利率上升時，債券價格通常會發生什麼變化？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explicitly states: 'What happens when interest rates rise is bond prices fall.'

影片明確指出：「利率上升時，債券價格就會下跌。」

7 What was the estimated unrealized loss on SVB's investments compared to their fair value? SVB的投資與其公允價值相比，估計有多少未實現虧損？ What was the estimated unrealized loss on SVB's investments compared to their fair value?

SVB的投資與其公允價值相比，估計有多少未實現虧損？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video states that SVB's investments were worth $17 billion less than their fair value.

影片中提到，SVB的投資價值比其公允價值少了170億美元。

8 What event, alongside SVB's announcement of selling securities at a loss, significantly contributed to the panic among investors and clients? 除了SVB宣布虧損出售證券之外，哪一事件也顯著加劇了投資者和客戶之間的恐慌？ What event, alongside SVB's announcement of selling securities at a loss, significantly contributed to the panic among investors and clients?

除了SVB宣布虧損出售證券之外，哪一事件也顯著加劇了投資者和客戶之間的恐慌？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video mentions that crypto-focused bank Silvergate had just announced it would wind down and return all deposits, which added to investor unease.

影片提到，專注於加密貨幣的銀行Silvergate剛宣布將清盤並退還所有存款，這加劇了投資者的不安。

9 What is the maximum amount of a bank deposit insured by the Federal Deposit Insurance Corporation (FDIC)? 聯邦存款保險公司（FDIC）承保的銀行存款最高金額是多少？ What is the maximum amount of a bank deposit insured by the Federal Deposit Insurance Corporation (FDIC)?

聯邦存款保險公司（FDIC）承保的銀行存款最高金額是多少？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explicitly states that $250,000 is the amount ensured by the FDIC.

影片明確指出，25萬美元是聯邦存款保險公司（FDIC）承保的金額。

10 Who did President Joe Biden blame for the bank failures and propose strengthening bank regulations? 美國總統喬·拜登將銀行倒閉歸咎於誰，並提議加強銀行監管？ Who did President Joe Biden blame for the bank failures and propose strengthening bank regulations?

美國總統喬·拜登將銀行倒閉歸咎於誰，並提議加強銀行監管？

✅ 正確！ ❌ 錯誤，正確答案是 B

President Joe Biden is stated to be blaming the Dodd-Frank Act rollback for the failures and proposed strengthening bank regulations.

影片中提到，喬·拜登總統將這些失敗歸咎於《多德-弗蘭克法案》的放鬆管制，並提議加強對銀行的監管規定。

測驗完成！得分： / 10

完成課程 🎉