Warren Buffett has been in touch with Biden administration to help banks

Warren Buffett has been in touch with Biden administration to help banks

The Oracle of Omaha has been in touch with Biden administration officials to lend his help during the current banking crisis.

According to Bloomberg, Warren Buffett is a billionaire investor who has had several conversations with President Biden's team in the past.

The calls have focused around Buffett possibly investing in the US regional banking sector in some way, but the billionaire is the subject of the calls.

Buffett has given advice and guidance about the crisis.

Berkshire Hathaway's chief has stepped in to help banks in crisis.

Among the companies that Buffett helped in the post are Bank of America and Goldman Sachs.

In 2011, after its stock plunged due to losses related to subprime mortgages, Buffett gave Bank of America a cash injection.

In 2008, Buffett gave Goldman a $5 billion lifeline to shore up the bank after Lehman Brothers collapse.

FOX Business reached out to Berkshire Hathaway for comment.

Last week, the US regulators unveiled extraordinary measures to calm customers, promising to fully pay out uninsured deposits in the failed banks.

Biden's team created backstops that don't require direct government spending from taxpayers, including the Federal Reserve's actions.

Big US banks voluntarily deposited $30 billion for the First Republic Bank this week.

The crisis began when the nation's 17th largest bank, Silicon Valley Bank, shut down in order to protect customers when it faced a crunch due to a $2 billion loss.

It was the largest bank failure since the financial crisis.

Federal regulators said the Signature Bank in New York was shut down to protect consumers after the collapse of SVB.