“Americans can have confidence that the banking system is safe,” Biden said.
President Joe Biden spoke Monday morning in an attempt to reassure Americans that there is no need to panic after federal agencies stepped in following the failures of two major banks.
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said from the White House.
The federal government said over the weekend that all depositors at Silicon Valley Bank and Signature Bank will be protected and able to access their money Monday morning, with the funds coming from a special fund set up by the nation’s banks and from the sale of the banks’ assets, not from taxpayers.
“No loss will be borne by the taxpayers,” Biden reiterated.
He said in a statement Sunday: “I am pleased that they reached a quick resolution that protects American workers and small businesses and keeps our financial system safe. The resolution also ensures that taxpayer money is not put at risk.”
“The American people and American businesses can trust that their bank deposits will be there when they need them. I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen the supervision and regulation of major banks so that we are not in this position again,” he said.
Monday’s remarks were to focus on “how we will maintain a robust banking system to protect our historic economic recovery.”
His comments came just before US markets and banks open and before he leaves for a previously planned trip to California. He took no questions.
This is a development story. Please check back for updates.