Biden calls for penalties for bank executives after SVB collapse – as it happened

President calls on Congress to expand FDIC’s authority to claw back compensation – including gains from stock salesSign up to receive First Thing – our daily briefing by emailA more serious concern for Congress and the White House is TikTok, the wildly popular video-sharing app that many in Washington fear is in cahoots with the Chinese Communist Party.

The US says the extremely popular video-sharing app ‘screams’ of national security concerns and considers a countrywide banTikTok is once again fending off claims that its Chinese parent company, ByteDance, would share user data from its popular video-sharing app with the Chinese government, or push propaganda and misinformation on its behalf.China’s foreign ministry on Wednesday accused the US itself of spreading disinformation about TikTok’s potential security risks following a report in the Wall Street Journal that the committee on foreign investment in the US – part of the treasury department – was threatening a US ban on the app unless its Chinese owners divest their stake.

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