• The Federal Deposit Insurance Corporation (FDIC) proposed that the largest U.S. banks pay the bulk of the cost of refilling a deposit insurance fund that was drained by the collapse of Silicon Valley Bank and two other lenders.

• The Bank of England decided to raise interest rates by 25 basis points, its fifth consecutive hike, and said it no longer sees a recession on the horizon.

• The U.S. stock market closed lower, with the Dow Jones Industrial Average falling 1.5%, the S&P 500 losing 1.8%, and the Nasdaq Composite dropping 2.7%.

• The price of oil rose to its highest level in over a month, as concerns about supply disruptions continued to weigh on the market.

• The U.S. dollar strengthened and overpowered a basket of other global currencies, as investors sought safety in the greenback amid rising geopolitical tensions.

In addition to these top stories, here are some other notable finance news from yesterday:

• JPMorgan Chase CEO Jamie Dimon warned that panic could overtake markets if the U.S. government defaults on its debt.

• The U.S. Treasury Department announced it would delay the release of some economic data in order to protect the privacy of individuals who responded to the 2020 census.

• The Securities and Exchange Commission (SEC) proposed possible new rules that would require investment firms to disclose more information and about their environmental, social, and governance (ESG) investing practices.

• The U.S. Department of Justice announced that it had charged two former executives of a Chinese telecommunications company with fraud and bribery.