president Joe Biden on Sunday promised to hold those responsible accountable for Silicon Valley Bank SIVB And signature bank SBNY Error “fully responsible”.
What happened: Biden said in a statement that the US Treasury chief Janet Yellen and its chief economic adviser Lael Brainard Under his direction, he worked with financial regulators to protect homes and businesses People affected by the fallout could access their deposits.
“I’m pleased they found a quick fix that protects American workers and small businesses and keeps our financial system safe. The solution also ensures that taxpayers’ money is not at risk,” Biden said.
“I am determined to hold those responsible for this mess fully accountable and to continue our efforts to strengthen supervision and regulation of larger banks so that we do not find ourselves in this position again,” he added.
The Biden administration also announced a series of contingency measures to boost confidence in the banking system after the SVB crisis.
US regulators said on Sunday that SVB customers would have access to all their deposits from Monday and announced they were setting up a new facility to give banks access to emergency funds.
As of Friday morning, California-based SVB — the 16th largest bank in the country — experienced a major collapse after eventful 48 hours with bank run and capital crisis. This led to the second largest financial institution collapse in US history.
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