The president gave brief remarks on Monday, assuring customers they would be protected and promising stronger regulations, without going into specifics.
In a five-minute speech before taking off for San Diego, the president assured Americans that the U.S. banking system is “safe” and that “no losses will be borne by the taxpayers.”
Silicon Valley Bank and Signature Bank have been shut down by state regulators in California and New York, respectively, over the last few days in the second-largest bank failure in U.S. history.
On Monday, Biden said the Obama administration had taken steps to make sure such a failure wouldn’t happen again, but “the last administration rolled back some of these requirements.”
President Joe Biden delivered brief remarks on the Silicon Valley Bank (SBV) chaos on Monday, speaking for just about five minutes before departing for San Diego, California.
After a weekend of financial turbulence, Biden addressed the bank run that led to the SVB collapse on Friday, as well as Signature’s bank abrupt closure on Sunday, reassuring Americans that the U.S. banking system remains “safe” and that “no losses will be borne by the taxpayers.”
He told customers who had deposits with the two banks that they would have access to their money as early as Monday but warned investors that they would not be protected as they “knowingly took a risk.
