Silicon Valley Bank collapse: Biden vows to ‘strengthen oversight and regulation’

President Joe Biden On Sunday, the government promised to punish those responsible. Silicon Valley Bank His administration aims to make the financial institution’s clients whole.

Biden stated that the American public can feel confident that their bank accounts will be available when they need them. He also stressed that taxpayer dollars will not be affected by his actions. “at risk.”

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“Over the weekend, and at my direction, the Treasury Secretary and my National Economic Council Director worked diligently with the banking regulators to address problems at Silicon Valley Bank and Signature Bank,” This is the statement. “I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe.”

“I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again,” He concluded.

Biden will speak on Monday about Signature Bank and Silicon Valley Bank.

Biden’s administration was launched earlier Sunday. guaranteed Silicon Valley Bank deposits, even uninsured, are available to customers so they can keep their money safe.