U.S. News
President Biden assures public on banking system safety after second-largest bank failure in US history [Video]
WHAT YOU NEED TO KNOW!
- President Joe Biden assures the public that the banking system is safe after the collapse of Silicon Valley Bank, the second-largest bank failure in US history.
- The Biden administration took quick action to protect deposits and not put taxpayer dollars at risk.
- The management of Silicon Valley Bank and Signature Bank, a second institution that was included in the plan, will be fired.
President Joe Biden has assured the American public that the country’s banking system is safe, following the collapse of Silicon Valley Bank, the second-largest bank failure in US history. Speaking on Monday, Biden outlined the actions taken by his administration to protect US workers and small businesses, and to give the country confidence that their deposits will be secure.
“Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe,” said Biden. “Your deposits will be there when you need them.”
Biden instructed his team to protect customer deposits and not put taxpayer dollars at risk, to hold those responsible accountable, and not to protect investors in the bank. As part of this plan, the management of Silicon Valley Bank and Signature Bank, a second institution that was included in the plan, will be fired.
The collapse of Silicon Valley Bank had raised concerns about uninsured funds held at the country’s 16th largest bank, which had $209 billion in assets and more than $175 billion in deposits. However, federal regulators moved to protect all deposits at the bank hours before global stock markets resumed trading.
The US Treasury, the Federal Reserve, and the Federal Deposit Insurance Corp. said the government would back Silicon Valley Bank deposits beyond the federally insured ceiling of $250,000.
Biden has called for a “full accounting” of what led to the shutdown of Silicon Valley Bank and “why those responsible can be held accountable.” “In my administration, no one is above the law,” he said.
He also plans to ask Congress and the banking regulators to strengthen rules for banks to make it “less likely this kind of bank failure would happen again.”
Source: NBC News
Mike Tracy
March 15, 2023 at 6:48 am
Biden is such a lying POS.
Truthteller
March 15, 2023 at 6:53 am
Guess who deregulated the banks a couple of years ago. Now the Don is blaming Biden for bank failures. The GOP loves deregulation in all areas. We’ll be mopping up after them for years to come…East Palestine, national forests (fracking was allowed), the banking industry, drilling for oil in Alaska, etc. The work never ends after just one sloppy administration. And DeSantis and the Don want us to vote Republican again!!!!
John Eggleston
March 15, 2023 at 6:58 am
“Trumps Fault “ the democratic battle cry.
BYEdenIsIncompetent
March 15, 2023 at 7:45 am
Fuck you, SCUMocrat🖕🏻🖕🏻🖕🏻🖕🏻🖕🏻😡🖕🏻😡🖕🏻🖕🏻
Graham
March 15, 2023 at 7:53 am
Umm reason why those 2 banks got tanked is because of the fed raising interest rates to combat skyrocketing inflation. Hmmm wonder who caused that little debacle? Hint: has two sons one named hunter. The other “son” is zelensky
Tony L Bell
March 15, 2023 at 8:02 am
Morality cannot be regulated, it was amoral bank mangers decisions that caused the banks to fold.
One thing is for certain, when the blame game begins it is the guilty that instigate it.
Mathew S. Molk
March 15, 2023 at 1:17 pm
No Nimrod,,,,,it’s all Bush’s fault. Regan and Nixon too and don’t forget Eisenhower. You wizards never cease to amaze me.
PRESIDENT Don and Ron 2024
Get the NWO Marxists out for good
Take America back and keep it this time!
Leslie
March 15, 2023 at 2:36 pm
And by god we will have to mop up for next decade after what this administration has f——d up!!
Truth teller joins the BS lieing POS current administration! FJB & all the rest of POS in his administration…….
THE OBAMA BIDEN ADMINISTRATION BAILED OUT BANKS INSTEAD OF CITIZENS, CAUSING MILLIONS OF AMERICANS TO LOSE THEIR HOMES
Leslie
March 15, 2023 at 2:56 pm
BTW Truthteller, BIDEN has OKed oil drilling in Alaska again!
Is that going to help bring gas prices down? Where’s that oil going? China? South America?…….
For some reason ALL DEMOCRATS ARE ABOVE THE LAW
JAN6 Is BS waste of TAXPAYERS MONEY
2020 ELECTION WAS STOLEN
John Leonard
March 15, 2023 at 7:28 am
I personally like the part ” In my administration, no one is above the law.” What a joke!
BYEdenIsIncompetent
March 15, 2023 at 7:48 am
BYEden is an incompetent lying asshole diaper filling douchebag pedophile whose policies have caused this and ALL America’s problems 😡🖕🏻🖕🏻🖕🏻😡🖕🏻😡🖕🏻🖕🏻
Helen E Sanders
March 15, 2023 at 10:40 am
These collapsing banks are probably ones that needs to be stopped. But this isn’t worrying me, because I have my money and treasure up in Heaven with my Holy God. He is in total control and only He knows what is going to happen. America needs to get down on our knees and ask God for forgiveness. We do that and He will forgive us and restore our land – America. God Bless America!
Mathew S. Molk
March 15, 2023 at 1:27 pm
Notice it’s a bank with lots of commie depositors and woke administrators and brandon’s punk boys and girls all got their jobs because of their race and sex (or lack of sex) instead of talent and experience. – Gives me faith in the government. Like hell it does.
But when you ask the NWO Marxists (AKA Democrats) they will tell you it’s got to be PRESIDENT Trump’s fault,,,,,He is still in control over 2 years after he was illegally evicted from the White House.
President Trump and Ron DeSantis 24
Throw the commies out and take America back
AND KEEP IT THIS TIME!