The Federal Reserve said Friday that the 33 largest U.S. banks are in strong shape despite the pandemic’s economic shock.
The banks have ample capital cushions girding them against unexpected losses and that will also enable them to keep lending even under the most severe straits, the central bank said.
The Fed disclosed the results from a special second round of “stress tests” that it added this year because of damage to the economy from the virus outbreak. The pandemic has killed more than 300,000 Americans, closed hundreds of thousands of businesses and pushed unemployment to levels not seen since the Great Depression.
Nine months after the pandemic paralyzed the economy, a resurgence of coronavirus cases threatens its recovery just as the first vaccines are starting to be administered around the country.
The tests showed that all 33 banks remain above their minimum requirements for capital — money they don’t have to pay back to creditors or depositors — to protect against risk, the Fed said.
US blacklists top Chinese chipmaker, alleging military ties
The Trump administration blacklisted China’s top chipmaker Friday, limiting the Semiconductor Manufacturing International Corp.’s access to advanced U.S. technology because of its alleged ties to the Chinese military.
“We will not allow advanced U.S. technology to help build the military of an increasingly belligerent adversary,” Commerce Secretary Wilbur Ross said in a statement explaining the decision to put SMIC on the U.S. government’s so-called Entity List.
SMIC has previously said it has no ties to the Chinese government.
Commerce is putting more than 60 other firms on the list for such things as allegedly supporting the Chinese military, assisting the Chinese government’s crackdown on dissent, being involved in the theft of trade secrets and helping Beijing’s aggressive efforts to claim territory in the South China Sea. Among them is Chinese dronemaker DJI, sanctioned for allegedly helping the Chinese government conduct surveillance on its own citizens.
But SMIC is the most high-profile target.
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