Today, US President Joe Biden promised to take action against those responsible for the country’s banking crisis. His statement comes just hours after regulators shut down Signature Bank, a New York-based regional bank.
Biden also said he will talk about the US banking system on Monday and reassure Americans after the failures of Silicon Valley Bank and Signature Bank.
“I will make statements about how to maintain a resilient banking system to protect our historic economic recovery,” he said Sunday evening in a statement that also included Biden’s promise to “fully hold those responsible for this mess to account.”
The US president said that Secretary of State Janet Yellen and the director of the National Economic Council worked with banking regulators and came up with a solution to protect the US financial system.
“At my direction, @SecYellen and my National Economic Council director have worked with banking regulators to address the issues at Silicon Valley Bank and Signature Bank. I’m glad they’ve come up with a solution that protects workers, small businesses, taxpayers, and our financial system,” he said.
The US government also said that all depositors and investors will have access to “all their money” from Monday.
“The American people and American businesses can be confident that their bank deposits will be there when they need them,” Biden said.
Silicon Valley Bank was shut down Friday by California banking regulators after a dramatic 48 hours that saw the high-tech lender’s share price plunge amid continued filing by interested clients.
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