“Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”
A sign of a branch of the Silicon Valley Bank is pictured at an office building where the bank is located in Frankfurt, Germany, Monday, March 13, 2023.| March 13, 2023, 1:44 p.m.President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said he’d seek to hold those responsible and pressed for better oversight and regulation of larger banks. And he promised no losses would be borne by taxpayers.
U.S. regulators worked through the weekend to find a buyer for Silicon Valley Bank, which had more than $200 billion in assets and catered to tech startups, venture capital firms, and well-paid technology workers.
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