As the global banking crisis stretches into its third week, President Joe Biden has turned to a familiar playbook — lay low and point the finger at Congress.
Publicly, aides and top White House officials say lawmakers have a responsibility to intervene. Unprecedented executive actions are being discussed behind closed doors, but Biden’s spokespeople are refusing to detail those deliberations while warning of the legal and practical obstacles to unilateral moves.
Treasury Secretary Janet Yellen ruled out one dramatic option — the government offering blanket coverage to all uninsured deposits — in testimony on Capitol Hill on Wednesday. And Biden has for days avoided public appearances where he might be required to comment on the issue, hoping a schedule packed with Hollywood celebrities and travel will project calm.
