Following the failure of Silicon Valley Bank last week, President Joe Biden sought to assure Americans that the country's banking system is safe.
PUBLISHED 9:15 AM EDT Mar. 13, 2023Speaking to reporters before traveling to California on Monday, President Joe Biden sought to reassure Americans that the U.S. banking system is secure following the collapse of Silicon Valley Bank.Following the failure of Silicon Valley Bank last week, President Joe Biden sought to assure Americans that the country's banking system is safe
Biden sought to assure customers that they will be protected and "have access to their money as of today," and emphasized the point that "no losses will be borne by the taxpayers" The president detailed the efforts his administration took to intervene in the Silicon Valley Bank collapse, including the Federal Deposit Insurance Corporation taking control of the doomed bank's assets and several immediate actions taken by Treasury Secretary Janet Yellen to protect Americans' interests.
The president also made clear that management in the banks will be fired – "If the bank is taken over by FDIC, the people running the bank should not work there anymore." – and emphasized that investors in the banks will not be protected. "We must get the full accounting of what happened and why those responsible can be held accountable," Biden said. "In my administration, no one is above the law."
At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history. Another beleaguered bank, First Republic Bank, announced Sunday that it had bolstered its financial health by gaining access to funding from the Fed and JPMorgan Chase.
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