Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is "sound" but additional rescue arrangements "could be warranted" if any new failures at smaller institutions pose a risk to financial stability.

Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall "the situation is stabilizing."

The Order of Pharmacists of Lebanon on Tuesday called on pharmacies to "close as of this moment," after the black market dollar exchange rate hit the LBP 143,000 mark.

The bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal.

The FDIC said Monday that there's been "substantial interest" from multiple parties for Silicon Valley Bridge Bank. The agency said it's going to allow parties to submit separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank in order to simplify the bidding process and expand the pool of possible bidders.

Shares of Credit Suisse plunged 63% in early trading Monday after the announcement that banking giant UBS would buy its troubled rival for almost $3.25 billion in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system.

UBS shares were down 14% in early trading on the Swiss stock exchange.

Global stock markets sank Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes.

Hong Kong's main index slid 2.7%. London, Frankfurt and Paris opened down more than 1%. Shanghai, Tokyo and Sydney also declined. Wall Street futures were off 1%. Oil prices plunged more than $2 per barrel.

The government's response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another? And what will the price tag be?

It could be months before the answers are fully known. The Biden administration said it will guarantee uninsured deposits at both banks. The Federal Reserve announced a new lending program for all banks that need to borrow money to pay for withdrawals.

The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection.

SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.

Central bank governor Riad Salameh said Friday that he has appeared "as a witness" before the European legal team and not as a suspect or an accused.

Salameh was questioned for two hours Friday and six hours the day before about his properties abroad and his wealth.

Iran's bazaars are packed ahead of the Persian New Year next week, but there's little holiday cheer as customers survey the soaring prices of meat and holiday treats, wondering if they can afford either. Others are there to sell goods on the sidewalks to make ends meet.

Crippling Western sanctions, on top of decades of economic mismanagement, have plunged the country into a severe crisis. Iran's currency, the rial, recently dropped to a record low, essentially wiping out people's life savings and making even some basic goods unaffordable.

Central bank chief Riad Salameh, once lauded for reviving the economy, faces investigations into his personal wealth and is widely viewed as a key culprit in the country's dramatic economic crash.

Salameh, 72, one of the world's longest-serving central bank governors having held the post for three decades, was a previously untouchable figure in Lebanon.