President speaking after the bankruptcy of Silicon Valley Bank (SVB) Joe Biden It tries to convince Americans that “the banking system is safe”. By contrast, the closure of SVB Financial means one of the biggest banking crises since 2008.
Worse still, the Federal Reserve SVB also announced a bailout for depositors. Biden spoke about federal action and why these steps differ from the banking crisis measures taken during the previous financial crisis.
Joe Biden Speaks About Silicon Valley Bank
Sudden and unexpected developments that shook the financial sector are the most talked about topic of recent days. Silicon Valley Bank‘s closing at the end of last week’s hearing represents the biggest banking failure since the 2008 financial crisis. Following this, Signature Bank also closed during the same period, creating a panic over what this could mean for the industry in the weeks ahead.
Koinfinans.com As we reported, President Joe Biden addressed the situation and stated that “the banking system is secure” in response to a major concern. Biden is particularly concerned with the situation behind the collapse and Federal Reserve He discussed why the steps taken by the Bank to protect depositors differ from those taken in 2008.
Kobeissi Letter posted this on Twitter summed up. Joe Biden underlined that, unlike 2008, taxpayers will not bear the burden of SVB losses. The President also called on Congress to “strengthen bank rules,” noting that investors in banks would remain unprotected.
As a result, Biden affirmed that the banking system is safe and stated that the government will “not stop on this issue, it will do whatever it takes”. In response, the President turned his attention to the systemic operations that caused the failure. As stated by Twitter user @gurgavin, he stated that the managers of the troubled banks should be fired.
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