US President Joe Biden (AFP)
America’s economy
He stressed that those responsible for the banking crisis will be held accountable, and that depositors of the Silicon Valley Bank can access their money without hindrance.
US President Joe Biden said today, Monday, that he directed to move quickly to contain the repercussions of the collapse of the “Silicon Valley” bank.
In a speech about the repercussions of the collapse of the “Silicon Valley” bank, Biden added that depositors of the “Silicon Valley” bank can access their money without hindrance.
He made it clear that investors who risk American deposits will be held accountable and will not have any protection, saying: “We will hold those responsible for the banking crisis accountable, and no one is above the law.”
He pointed out that taxpayers will not bear the losses of banks, adding: “We will not allow the recurrence of bank failures, and we will work to protect emerging companies.”
He revealed that the management of “Silicon Valley” and “Signature” banks will be dismissed, and they will be held accountable.
“The American banking system is safe, and I will ask Congress to tighten banking laws,” according to Biden.
He continued, “I ask the Americans to trust the banking system, and I assure that their deposits are safe.”
Commenting on the collapse of the Silicon Valley bank and the fears it left on the banking sector in the United States, US President Joe Biden tried earlier to reassure his citizens.
And he confirmed in a statement, today, Monday, that the Treasury Department and the Economic Council are working hard together to address the crisis of “Silicon Valley Bank” and “Signature”, in a way that guarantees taxpayers their money, according to Reuters.
He also added, “The American people and American companies can be confident that their bank deposits will be present and available when needed.”
In addition, he pledged to prosecute those responsible for that crisis and “chaos”, and to continue efforts to strengthen supervision of major banks, in order to avoid the recurrence of such a problem again.
The collapse of the Silicon Valley Bank, whose activity is focused on the technology sector, has exacerbated fears during the past days that the crisis will spread to other banks, and repeat the consequences of the collapse, especially after it led to a wave of declines that hit the banking sector shares in the United States and spread to the markets of Asia and Europe.
