President Joe Biden on Monday underscored that the American banking system remains safe, laying out how his administration is taking action to contain Silicon Valley Bank’s collapse.
“Americans can rest assured that our banking system is safe. Your deposits are safe,” Biden said from the Roosevelt Room. “Let me also assure you we will not stop at this. We will do whatever is needed on top of all this.”
Biden used his speech – which was only announced Sunday night – to allay fears, directly explaining what he has instructed his administration to do to protect small businesses and workers in the wake of a regulator shutdowns of both Silicon Valley Bank and Signature Bank over the last few days. These actions include backstopping depositors’ funds, making sure taxpayers are not on the hook for these moves, holding those responsible accountable and declining to extend relief to investors of Silicon Valley Bank.
The president said affected customers can “rest assured” that they will have access to their money on Monday.
By By MJ Lee, Phil Mattingly, Maegan Vazquez and Allie Malloy via CNN