A regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank's board says.

Former U.S. Rep. Barney Frank said Monday that he believes the state officials behind the action were trying to make an example of Signature Bank in takeover that he said was the wrong move. Despite a wave of withdrawals, the bank's situation was under control before regulators swooped in, he said.

Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.

The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.

Silicon Valley Bank's collapse rattled the technology industry that had been the bank's backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.

"They were the gold standard, it almost seemed weird if you were in tech and didn't have a Silicon Valley Bank account," Stefan Kalb, CEO of Seattle startup Shelf Engine, said during a Monday interview as he started the process of transferring millions of dollars to other banks.

Embattled Central Bank Governor Riad Salameh will attend Wednesday’s interrogation session at the Justice Palace but will not be detained, a senior judicial source said.

The Association of Banks in Lebanon is inclined to suspend its strike at the end of this week and operations will resume on Monday, al-Jadeed TV reported on Tuesday.

In 2016, Vice President Joe Biden warned against efforts to unravel banking regulations that Democrats had fought to implement following the nation's financial crisis, just as the emerging Trump administration was determined to loosen those strict banking rules.

Biden argued that without the far-reaching 2010 banking overhaul known as Dodd-Frank, financial institutions would continue to gamble with consumers' cash and ultimately hurt the middle class.

The Lebanese pound sank to a historic low against the dollar on the parallel market Tuesday, foreign exchange dealers said, as banks in the crisis-hit country resumed an open-ended strike.

The Lebanese pound, officially pegged at 15,000 to the dollar, was trading at 100,000 against the greenback, dealers said -- a dizzying plunge from 1,507 before the economic crisis hit in 2019.

President Joe Biden on Monday told Americans the nation's financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.

"Your deposits will be there when you need them," he said.

The U.S. has begun an aggressive new push to inflict pain on Russia's economy and specifically its oligarchs with the intent of thwarting the Kremlin's invasion of Ukraine.

From the Treasury Department to the Justice Department, U.S. officials will focus on efforts to legally liquidate the property of Russian oligarchs, expand financial penalties on those who facilitate the evasion of sanctions, and close loopholes in the law that allow oligarchs to use shell companies to move through the U.S. financial system.

Western sanctions have hit Russian banks, wealthy individuals and technology imports. But after a year of far-reaching restrictions aimed at degrading Moscow's war chest, economic life for ordinary Russians doesn't look all that different than it did before the invasion of Ukraine.

There's no mass unemployment, no plunging currency, no lines in front of failing banks. The assortment at the supermarket is little changed, with international brands still available or local substitutes taking their place.