‘The American people and American businesses can have confidence that their bank deposits will be there when they need them,’ the president says
US President Joe Biden stated on Sunday that the Treasury Secretary and National Economic Council Director worked diligently with banking regulators to address problems at Silicon Valley Bank and Signature Bank, promising that the solution will not put taxpayer dollars at risk.
“The American people and American businesses can have confidence that their bank deposits will be there when they need them,” Biden said in a statement.
“I am firmly committed to fully holding those responsible for this mess accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we do not find ourselves in this position again,” he added.
Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg also issued a joint statement.
The statement stated that “depositors will have access to all of their money beginning Monday, March 13,” noting that they are taking decisive actions to protect the US economy. The taxpayer will bear no losses associated with the failure of Silicon Valley Bank.”
It stated that all Signature Bank depositors will be made whole and that no taxpayer losses will be borne, as with the Silicon Valley Bank resolution.
“The Federal Reserve Board announced on Sunday that it will make additional funding available to eligible depository institutions to help ensure banks have the ability to meet the needs of all their depositors,” the report said.
