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deeper trouble, and two credit firms downgraded first republic bank to jump status. though they gave back some ground by the close the dow industrials and s&p 500 still ended the day down significantly. shares of regional banks including first republic were down sharply, in first republic s case by more than 21%. big banks which are more tightly regulated also took a hit with citi group shares down 5%. we ll have more in a moment on what this means to markets and the economy. chris tone romans and phil mattingly with me for that. first we re joined by senator bernie sanders. senator sanders, how much confidence do you have in the banking system right now? and should people watching be worried about their bank and their savings? well, i think we re all concerned about what happened at silicon valley and we re looking at other banks around the country. and i think our hope and our prayer is that there s not going to be contagion. and i think it s imperative that the con ....
Administration may take i m joined by what s going on? things started to stabilize and trouble blew in from europe essentially. credit suisse is its own hot mess. it s technical term. this is a company going through a big restructuring. it announced, you know, it had some material misrepresentations in its accounting. it tried to raise money from a big investor. the investor couldn t put anymore money in. there s a lot of things going on different than what happened to svb, but a lot unease, and especially with a big global bank like credit suisse you don t know what kind of counter party risks there are around the world. it just added to already drama and turmoil in the banking industry. from the white house standpoint what changed? ....
This kind of supervision. the absurdity of them wanting to get out of supervision and then a number of years later they come before congress asking to get bailed out. i want to ask you about a thing you re doing on insulin in a moment, but one more question on the banking, tow. florida governor ron desantis said about silicon valley bank. he said this bank they re so concerned with deioo, diversity, equity and inclusion and politics and all kinds of stuff i think that distracted them from focusing on their core mission, end quote. we need to investigate to understand what fully happened. look, that s what the banking industry does. they want to make as much money as they possibly can, and they re willing to take risks to do that. and the sad part and the dangerous part is if they think they can take those risks and if they collapse the taxpayers in this country are going to bail them out, that is a bad situation. you recently introduced a ....
Make is back in 2018 the big the banking industry wanted a major reform in the dodd/frank bill, which came about after the 2008 crash. and what they wanted was to remove many, many banks who were being under strong supervision because the level at that point was $50 billion. any bank over $50 billion would be under stress tests and strong supervision to make sure we didn t have another crisis. and with the banking folks came in and they said, no, no, that s too onerous, it s costing us too much money have to go through all these regulatory processes. let s raise that level to $250 billion, meaning only the very, very largest banks. and the irony of this whole thing is the silicon valley bank, the leader of that, mr. beckham, came here to washington to lobby to remove himself from ....
Everybody except for the people on top. so bottom line here is i agree with president biden is that whatever happens in the future to the degree there are any bailouts, it must not be it cannot be that working families and the middle class they re going to have to figure out a way on wall street or within our financial system they pay for the bailout, not ordinally people. the just department and fec both announced investigations into the svb collapse. where do you think accountability lies here? again, it s hard to say looking at the facts. but i would say it is a little bit troubling that literally a day before this bank collapse they were busy giving out bonuses and that some of the leadership in that bank sold a lot of shares in the recent past. so that s something for the fbi, the justice department to take a look at. the other point that i would ....