After SVB bankruptcy, Biden urges greater regulation of large banks
US President Joe Biden wants to strengthen the supervision and regulation of large banks after the bankruptcy of California’s Silicon Valley Bank (SVB). “I am determined to hold those responsible for this mess accountable and to continue our efforts to increase oversight and regulation of larger banks so that we don’t find ourselves in this situation again,” Biden said.
He commended the “careful cooperation” by the Treasury Secretary, the National Economic Council and banking regulators to solve the problems at SVB and Signature Bank. “The American people and American companies can have confidence that their bank deposits are available, when you need them.”