Advertisement

Biden: 'Banking System is Safe' After Silicon Valley Bank Collapse

US President Joe Biden, speaking from the White House on Monday, March 13, said taxpayers would shoulder none of the costs associated with the collapse of the Silicon Valley Bank and emphasized that “the banking system is safe.”

Biden praised his administration’s “immediate action” to contain the fallout of the collapse. His remarks came a day after federal regulatory authorities took control of Silicon Valley Bank and announced measures to guarantee all depositors.

“Your deposits will be there when you need them,” said Biden. However, the president said SVB managers would be fired and investors would not be protected.

Biden criticized the Trump administration for rolling back some requirements that would have given regulators more oversight over the banks. “I’m gonna ask congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again,” he said.

The president also used the opportunity to praise his administration’s economic record, commenting on the low unemployment rate and the number of jobs created during his term. Credit: The White House via Storyful