president Joe Biden said on Tuesday the White House answer to the banking crisis was “not over yet” and that his government was considering legislative changes, although that could prove difficult in a divided Congress.

What happened: “No, it’s not over yet. We’re watching it very closely. “I think my team has handled it very well so far,” said a White House statement.

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The President was confident that the crisis would calm down, but also expressed doubts about changes in the law.

“Well, I think we’ve done what we have to do in the executive branch. I am confident that things will settle down. The – the markets seem to be reacting. And so – but I’m not sure we’re going to get a lot of legislative changes. But we’re looking at that, too,” Biden said.

federal reserve Vice Chairman for Oversight Michael Barron Tuesday, quoted the failure of Silicon Valley Bank as a “textbook case of mismanagement” and has proposed tightening of banking rules after to the Financial Times.

Price promotion: US markets closed lower on Tuesday. The SPDR S&P 500 ETF Trust SPY closed 0.22% lower during the Invesco QQQ Trust Series 1 QQQ 0.53% lost.

Investors and traders will now be watching for the release of Personal Consumables price index this week, which is the Fed’s preferred measure of underlying price pressures.

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