‘The Banking System Is Safe’: Biden Addresses Silicon Valley Collapse
President Joe Biden is attempting to reassure Americans about the banking system following the collapse of Silicon Valley Bank. While delivering remarks Monday, Biden said, “Thanks to the quick action of my…
President Joe Biden is attempting to reassure Americans about the banking system following the collapse of Silicon Valley Bank.
While delivering remarks Monday, Biden said, “Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe.”
He added, “Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’re able to pay their workers and pay their bills.”
Biden stressed that “no losses will be borne by the taxpayers.”
The president went on, “Every American should feel confident that their deposits will be there if and when they need them.”
According to Biden, the management of the banks will be fired.
Additionally, he shared that investors would not be protected as they took a risk.
Watch Biden’s remarks below:
Yahoo! Finance pointed out Silicon Valley Bank’s collapse on Friday comes in at the second biggest bank failure in the nation.
New York-based Signature Bank was also shut down on Sunday following the collapse.
Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg issued a joint