President Biden speaks about the actions his administration is taking to ensure Americans that the banking system is safe. “Every American should feel confident their deposits will be there if and when they need them.'
The president spoke about the actions taken by his administration to give Americans confidence that the banking system is safe.
The president said the management of SVB and Signature Bank, a second institute that was included in the plan, would be fired."If the bank is taken over by FDIC, the people running the bank should not work there anymore," he said. The president said he will ask Congress and the banking regulators to strengthen rules for banks to make it “less likely this kind of bank failure would happen again.”
“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,” he added.t would back Silicon Valley Bank deposits beyond the federally insured ceiling of $250,000
Yellen on Sunday convened a meeting of the Financial Stability Oversight Council in executive session by videoconference. During the meeting, the council heard updates from the Federal Deposit Insurance Corp., the Federal Reserve Board, and Treasury Department on actions they were taking to stabilize the financial system and protect depositors.
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