President Joe Biden on Sunday promised to punish those responsible for the collapse of Silicon Valley Bank as his administration seeks to make the financial institution's customers whole.
The American public can be confident that their bank deposits will be there when they need them, according to Biden, who underscored in a statement that his administration's actions will not put taxpayer dollars"at risk.""Over the weekend, and at my direction, the Treasury Secretary and my National Economic Council Director worked diligently with the banking regulators to address problems at Silicon Valley Bank and Signature Bank," the statement read.
"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. Biden is expected to speak about Silicon Valley Bank and Signature Bank in more detail on Monday after spending the weekend in Wilmington, Delaware.
Earlier Sunday, the Biden administration guaranteed Silicon Valley Bank deposits, including uninsured amounts, so customers will have access to their money as soon as Monday after the tech-focused institution collapsed last week. The intervention, along with the decision to unwind similar Signature Bank, is aimed at avoiding additional bank runs and helping business clients remain operational.
“We’re not going to do that again. But we are concerned about depositors and are focused on trying to meet their needs,” Yellen added on CBS’s Face the Nation Sunday morning.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Baca lebih lajut »
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Baca lebih lajut »
Silicon Valley Bank collapse marks worst bank failure since Great RecessionSilicon Valley Bank, the 16th largest bank in the U.S., collapsed on Friday, marking the worst bank failure since the fall of Washington Mutual during the Great Recession in 2008.
Baca lebih lajut »
Silicon Valley Bank employees react to the bank's stunning failureHow SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
Baca lebih lajut »
Bank of London weighs rescue bid for Silicon Valley Bank's UK arm - Sky NewsBritish clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank , Sky News reported on Saturday.
Baca lebih lajut »