President Joe Biden on closer of Signature Bank shut after Silicon Valley Bank collapsed
On Sunday, President Joe Biden pledged to hold “fully accountable” those responsible for the failures of Silicon Valley Bank and Signature Bank. However, he attempted to reassure Americans that their deposits were secure.
“I am firmly committed to fully holding those responsible for this mess accountable and also to continuing our efforts to improve the oversight and regulation of larger banks so that we do not find ourselves in this position again,” Biden said in a statement.
“The American people and businesses can be confident that their bank deposits will be available when needed,” the president added.
After the failures of Silicon Valley Bank and Signature Bank, President Joe Biden stated he planned to speak regarding the US banking system on Monday morning to reassure Americans.
“I will deliver statements on how we will retain a resilient banking system to protect our historic economic recovery,” he stated in a statement issued Sunday night, alongside Biden’s promise to “hold those responsible for this mess fully accountable.”
Financial institutions, including the US Treasury, said in a joint statement that SVB depositors would have access to “all of their money” beginning Monday, March 13.
The “core goal” of the actions was to reassure bank customers that they would have enough money “to meet payroll, keep their businesses operating, and to ensure households are able to pay the rent, mortgage, or the certain other bills” US Federal Reserve officials said Sunday night.
The Fed announced that it would provide additional funding to banks to assist them in meeting the needs of depositors, which might arise, such as withdrawals.
“We are taking decisive steps to protect the US economy by raising public trust in our banking system,” the agencies stated.
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