NEW: “Americans can rest assured that our banking system is safe,” Biden said in a statement at the White House.
Joe Biden gave a message of reassurance Monday about the health of the U.S. banking system after the stunning collapse of Silicon Valley Bank and Signature Bank.
“Americans can rest assured that our banking system is safe,” Biden said in a statement at the White House. “Your deposits are safe. Let me also assure you we will not stop at this; we’ll do whatever is needed.” The government has guaranteed all deposits in the pair of failed banks, with Biden saying that customers will “have access to their money as of today.” “That includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business,” Biden said.
The president also sought to distinguish the action taken by his administration to that of the approach taken by his predecessors in bailing out financial institutions in 2008. “This is an important point: No losses will be borne by the taxpayers,” Biden said, before repeating the statement. He further vowed to hold accountable those responsible for the banks’ collapses. “The managers of these banks will be fired,” Biden said. “No one is above the law.”
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