Pres. Biden: 'Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.'
President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., March 13, 2023.President Joe Biden spoke out Monday morning in an effort to reassure Americans there is no need for panic after federal agencies stepped in following"Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you, we will not stop at this.
"Third, investors in the banks will not be protected. They knowingly took a risk, and when the risk didn't pay off, investors lose their money. That's how capitalism works. And fourth, are important questions of how these banks got into the circumstance in the first place. We must get the full accounting of what happened and why those responsible can be held accountable," he said.
A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank's headquarters in Santa Clara, Calif., March 10, 2023.His comments echoed what he said in a statement Sunday, "I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk.
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