WATCH LIVE: President Biden speaks on Silicon Valley Bank collapse as regulators work to prevent banking crisis. Special Report now
Monday, March 13, 2023 1:27PMGovernments in the U.S. and Britain are taking extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank.President Joe Biden on Monday told U.S. residents the nation's financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said he'd seek to hold those responsible and pressed for better oversight and regulation of larger banks. And he promised no losses would be borne by taxpayers.Governments in the U.S. and Britain are taking extraordinary steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank prompted fears of a broader upheaval.
Meanwhile, the Bank of England and U.K. Treasury said early Monday that they had facilitated the sale of the bank's London-based subsidiary to HSBC, Europe's biggest bank, ensuring the security of 6.7 billion pounds of deposits. The developments left markets jittery as trading began Monday. The Asian and European markets fell but not dramatically, and U.S. futures were down.
The U.K. also moved quickly, working throughout the weekend to arrange the sale of Silicon Valley Bank UK Ltd., the California bank's British arm, for the nominal sum of one pound. That will allow banks that need to raise cash to pay depositors to borrow that money from the Fed, rather than having to sell Treasuries and other securities to raise it.
President Joe Biden said Sunday evening as he boarded Air Force One back to Washington that he would speak about the situation on Monday.
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