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Smaller Banks’ Critical Role in Economy Means Distress Raises Recession Risks

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Main Street businesses and American families are likely to find it harder to get a loan because of turmoil in the banking industry, denting economic growth and raising the risk of a recession.“The risk in terms of the spark from SVB is real,” said Greg Daco, chief economist at EY-Parthenon, a strategy consulting unit of Ernst & Young LLP.

The collapse of Silicon Valley Bank set off fear among depositors that led to the failure of Signature Bank and the move to rescue  First Republic Bank .  

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