Amid fear among depositors after the closure of two banks in the US, President Biden said that your money is safe, your deposits are also safe, but no help will be given to compensate investors for the loss.
New York: Amidst the worrisome atmosphere created around the world including the US amid the closure of Silicon Valley Bank, the President Joe Biden Told the countrymen on Monday that the country’s financial system is strong. He also told that Silicon Valley Bank How is his administration working to stop the incidents of shutdown. He also said that no help would be given to those who invested in the bank.
Before leaving for the West Coast, President Biden told the Roosevelt Room, “Americans can rest assured that our banking system is completely secure. Your deposit is also safe. He further said, “I also assure you that we will not stop here. Above all, we will do whatever is right.
Bank system safe: Biden
He said, “Americans can trust that the country’s banking system is safe. When you need it, you will get your deposit. After the closure of two banks in America, this was said by President Biden with the aim of alleviating the fear among the depositors.
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Speaking of strict action against those responsible for these circumstances, President Biden said, “The management of these banks will be thrown out. If the bank is taken over by the FDIC, the people who run the bank should no longer be working there.” Biden said investors in the banks “will not be protected” because they knowingly took the risk.
Responsibility will be fixed: Biden
Earlier, the US administration closed the Silicon Valley Bank on Friday last week itself after seeing the competition among depositors to withdraw money. It is the second largest bank failure in US history, behind only the 2008 failure of Washington Mutual.
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US bank regulators announced that Signature Bank of New York had also failed, showing the intensity of the financial crisis. Shortly before the US stock market opened, President Biden said that the responsibility of those who are responsible for this will be fixed. Also talked about taking steps for better inspection and regulation of big banks. He promised that there would be no loss to the taxpayers.
The governments of America and Britain are constantly engaged in their efforts to prevent a possible banking crisis. US regulators worked last week to find a buyer for the Silicon Valley bank. But they failed in this.
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