'Mess': President Joe Biden 'firmly committed' to holding those responsible for SVB collapse accountable

13 March 2023

President Joe Biden announced on Sunday he vows to hold those responsible for the collapse of Silicon Valley Bank "accountable," CNN reports.

The New York Times reported the "go-to lender for startups" crashed last week, becoming "the largest bank to fail since the 2008 financial crisis."

The California Department of Financial Protection and Innovation closed the establishment "to protect deposits."

The president said in his statement, "I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk."

According to Bloomberg, the president "reiterated that Americans should remain confident in the banking system."

He asserted, "The American people and American businesses can have confidence that their bank deposits will be there when they need them."

Bloomberg reports:

The president said that he will be delivering remarks on Monday morning to outline measures his administration is taking to bolster the banking system.

Biden continued, "I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again."

CNN's full report is available at this link. Bloomberg's full report is here.

From Your Site Articles