On Monday, President Joe Biden addressed the nation after Silicon Valley Bank (SVB) was taken over by federal regulators, on Friday. President Joe Biden reassured the American people that the nation’s banking system is safe and that there would be no bailout. He also said that taxpayers would not bear the brunt for the bank’s mismanagement. He said that the current management would be fired. There was a lot of uncertainty after another bank, Signature Bank in New York, was taken over by regulators, on Sunday.
On Monday, President Biden said that Americans could rest assured that the country’s “banking system is safe” and that their “deposits are safe.” He said that his administration would not stop and would do what was needed.
He also emphasized and repeated that the taxpayers would not bear any losses and that “the money will come from the fees that banks pay into the Deposit Insurance Fund.”
He also assured the American people that the management of these banks would be fired and that people running in a bank should no longer work in it “if the bank is taken over by FDIC.”
Regulators have taken over both Silicon Valley Bank and Signature Bank. Earlier, Treasury Secretary Janet Yellen, together with lawmakers across both the parties ruled out the possibility of a bailout for these banks.
President Joe Biden also promised that there would be new regulations. He also mentioned that Republicans under former president Donald Trump had rolled back some of the Dodd Frank law that was passed after the 2008 financial crisis.
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On Monday morning, both the Dow Jones Industrial Average and S&P 500 opened lower after the takeover of SVB and Signature Bank. However, the market rallied and closed above the previous market close later on Monday.
The US Federal Deposit Insurance Corporation (FDIC) said that all the deposits of Silicon Valley Bank had been deposited into a newly created bridge bank. The regulator also said that depositors could access their money from Monday morning.
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The US added 311K jobs in February and had the lowest unemployment rate in more than 50 years, which is credited to President Joseph Biden