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Thursday, March 23, 2023

Biden After 2nd US Bank Collapses

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New Delhi:

US President Joe Biden today promised to take action against those responsible for the banking crisis in the country. His statement comes just hours after regulators closed Signature Bank, a New York-based regional-size lender.

Biden also said that he will speak about the US banking system on Monday and reassure Americans after the failures of Silicon Valley Bank and Signature Bank.

“I will deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery,” he said Sunday night in a statement that also included Biden’s promise of “holding those responsible for this mess fully accountable.”

The US President said that Secretary Janet Yellen and National Economic Council Director worked with banking regulators and have reached a solution to protect US’s financial system.

“At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system,” he said.

The US government also said that all the depositors and investors will have access to “all of their money” starting Monday.

“The American people and American businesses can have confidence that their bank deposits will be there when they need them,” Biden said.

Silicon Valley Bank was shuttered on Friday by California banking regulators after a dramatic 48 hours that saw the high-tech lender’s share price plummet amid a run-on deposit by concerned customers.

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