{"id":2195,"date":"2023-03-13T05:02:49","date_gmt":"2023-03-13T10:02:49","guid":{"rendered":"https:\/\/embarrdowns.com\/biden-assures-bank-deposits-are-safe-after-silicon-valley-bank-collapse\/"},"modified":"2023-03-13T05:02:49","modified_gmt":"2023-03-13T10:02:49","slug":"biden-assures-bank-deposits-are-safe-after-silicon-valley-bank-collapse","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/biden-assures-bank-deposits-are-safe-after-silicon-valley-bank-collapse\/","title":{"rendered":"Biden Assures Bank Deposits are Safe After Silicon Valley Bank Collapse"},"content":{"rendered":"

On Friday morning, Silicon Valley Bank (SVB) became the second-largest financial institution to fail in US history after 48 hours of a bank run and a capital crisis.[0]<\/a><\/sup> President Joe Biden assured Americans that their deposits are safe and vowed to hold those responsible for the failure fully accountable.[1]<\/a><\/sup> <\/p>\n

Biden said in a statement that he directed the Treasury Department and the National Economic Council to address the failures of Silicon Valley Bank and Signature Bank.[2]<\/a><\/sup> He added that the solution will protect American workers and small businesses, and keep the financial system safe, without putting taxpayer dollars at risk.[3]<\/a><\/sup><\/p>\n

\u201cThe American people and American businesses can have confidence that their bank deposits will be there when they need them,\u201d Biden said.[1]<\/a><\/sup><\/p>\n

Treasury Secretary Janet Yellen said she\u2019s been hearing from depositors all weekend, many of whom are \u201csmall businesses\u201d and employ thousands of people.[0]<\/a><\/sup> \u201cI\u2019ve been working all weekend with our banking regulators to design appropriate policies to address this situation,\u201d Yellen said, declining to provide further details.[0]<\/a><\/sup><\/p>\n

Shalanda Young, the director of the White House Office of Management and Budget, stressed in a Sunday interview with CNN’s Kaitlan Collins that the US banking system at large was “more resilient” now due to reforms put in place.[4]<\/a><\/sup><\/p>\n

Republican Rep. Nancy Mace of South Carolina said she doesn\u2019t support a bailout \u201cat this time\u201d but cautioned, \u201cIt\u2019s still very early.\u201d[5]<\/a><\/sup> She added that \u201cwe cannot keep bailing out private companies because there\u2019s no consequences to their actions. People, when they make mistakes or break the law, have to be held accountable in this country.\u201d[5]<\/a><\/sup><\/p>\n

SVB had been the 16th-largest bank in the U.S. with $209 billion in total assets and about $174.5 billion in total deposits, according to the FDIC.[0]<\/a><\/sup> It catered for the financial needs of technology companies around the world, before a series of ill-fated investment decisions led to its collapse.[6]<\/a><\/sup> <\/p>\n

Analysts said the bank\u2019s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the 2008 financial crisis.[5]<\/a><\/sup> In Washington, the repercussions of the collapse have sparked a debate over the need for a bailout.[0]<\/a><\/sup><\/p>\n

0. <\/span>“Biden vows to hold those responsible for Silicon Valley Bank failure ‘fully accountable'” KOMU 8, 12 Mar. 2023, https:\/\/www.komu.com\/news\/nationworld\/biden-vows-to-hold-those-responsible-for-silicon-valley-bank-failure-fully-accountable\/article_19fdb67d-4ae6-5913-8e91-19c6d4060338.html<\/a><\/a><\/p>\n

1. <\/span>“Biden ‘pleased’ with Feds’ response on Silicon Valley Bank collapse, set to soon address deposits and closures” Fox Business, 13 Mar. 2023, https:\/\/www.foxbusiness.com\/markets\/biden-pleased-feds-response-silicon-valley-bank-collapse-address-deposits-closures<\/a><\/a><\/p>\n

2. <\/span>“Joe Biden says those behind SVB Bank \u2018mess\u2019 will be held accountable” Moneycontrol, 13 Mar. 2023, https:\/\/www.moneycontrol.com\/news\/world\/joe-biden-says-those-behind-svb-bank-mess-will-be-held-accountable-10238541.html<\/a><\/a><\/p>\n

3. <\/span>“Statement from President Joe Biden on Actions to Strengthen Confidence in the Banking System” Forex Factory, 13 Mar. 2023, https:\/\/www.forexfactory.com\/news\/1210236-statement-from-president-joe-biden-on-actions-to<\/a><\/a><\/p>\n

4. <\/span>“Biden team scrambles to contain financial and political contagion” CNN, 13 Mar. 2023, https:\/\/www.cnn.com\/2023\/03\/13\/politics\/biden-silicon-valley-bank-politics\/index.html<\/a><\/a><\/p>\n

5. <\/span>“Biden vows to hold those responsible for Silicon Valley Bank failure ‘fully accountable'” CNN, 13 Mar. 2023, https:\/\/www.cnn.com\/2023\/03\/12\/politics\/janet-yellen-bailout-silicon-valley-bank-cnntv\/index.html<\/a><\/a><\/p>\n

6. <\/span>“Silicon Valley Bank: why did it collapse and is this the start of a banking crisis?” The Guardian, 13 Mar. 2023, https:\/\/www.theguardian.com\/business\/2023\/mar\/13\/silicon-valley-bank-why-did-it-collapse-and-is-this-the-start-of-a-banking-crisis<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Friday morning, Silicon Valley Bank (SVB) became the second-largest financial institution to fail in US history after 48 hours of a bank run and a capital crisis.[0]<\/a><\/sup> President Joe Biden assured Americans that their deposits are safe and vowed to hold those responsible for the failure fully accountable.[1]<\/a><\/sup> <\/p>\n

Biden said in a statement that he directed the Treasury Department and the National Economic Council to address the failures of Silicon Valley Bank and Signature Bank.[2]<\/a><\/sup> He added that the solution will protect American workers and small businesses, and keep the financial system safe, without putting taxpayer dollars at risk.[3]<\/a><\/sup><\/p>\n

\u201cThe American people and American businesses can have confidence that their bank deposits will be there when they need them,\u201d Biden said.[1]<\/a><\/sup><\/p>\n

Treasury Secretary Janet Yellen said she\u2019s been hearing from depositors all weekend, many of whom are \u201csmall businesses\u201d and employ thousands of people.[0]<\/a><\/sup> \u201cI\u2019ve been working all weekend with our banking regulators to design appropriate policies to address this situation,\u201d Yellen said, declining to provide further details.[0]<\/a><\/sup><\/p>\n

Shalanda Young, the director of the White House Office of Management and Budget, stressed in a Sunday interview with CNN’s Kaitlan Collins that the US banking system at large was “more resilient” now due to reforms put in place.[4]<\/a><\/sup><\/p>\n

Republican Rep. Nancy Mace of South Carolina said she doesn\u2019t support a bailout \u201cat this time\u201d but cautioned, \u201cIt\u2019s still very early.\u201d[5]<\/a><\/sup> She added that \u201cwe cannot keep bailing out private companies because there\u2019s no consequences to their actions. People, when they make mistakes or break the law, have to be held accountable in this country.\u201d[5]<\/a><\/sup><\/p>\n

SVB had been the 16th-largest bank in the U.S. with $209 billion in total assets and about $174.5 billion in total deposits, according to the FDIC.[0]<\/a><\/sup> It catered for the financial needs of technology companies around the world, before a series of ill-fated investment decisions led to its collapse.[6]<\/a><\/sup> <\/p>\n

Analysts said the bank\u2019s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the 2008 financial crisis.[5]<\/a><\/sup> In Washington, the repercussions of the collapse have sparked a debate over the need for a bailout.[0]<\/a><\/sup><\/p>\n

0. <\/span>“Biden vows to hold those responsible for Silicon Valley Bank failure ‘fully accountable'” KOMU 8, 12 Mar. 2023, https:\/\/www.komu.com\/news\/nationworld\/biden-vows-to-hold-those-responsible-for-silicon-valley-bank-failure-fully-accountable\/article_19fdb67d-4ae6-5913-8e91-19c6d4060338.html<\/a><\/a><\/p>\n

1. <\/span>“Biden ‘pleased’ with Feds’ response on Silicon Valley Bank collapse, set to soon address deposits and closures” Fox Business, 13 Mar. 2023, https:\/\/www.foxbusiness.com\/markets\/biden-pleased-feds-response-silicon-valley-bank-collapse-address-deposits-closures<\/a><\/a><\/p>\n

2. <\/span>“Joe Biden says those behind SVB Bank \u2018mess\u2019 will be held accountable” Moneycontrol, 13 Mar. 2023, https:\/\/www.moneycontrol.com\/news\/world\/joe-biden-says-those-behind-svb-bank-mess-will-be-held-accountable-10238541.html<\/a><\/a><\/p>\n

3. <\/span>“Statement from President Joe Biden on Actions to Strengthen Confidence in the Banking System” Forex Factory, 13 Mar. 2023, https:\/\/www.forexfactory.com\/news\/1210236-statement-from-president-joe-biden-on-actions-to<\/a><\/a><\/p>\n

4. <\/span>“Biden team scrambles to contain financial and political contagion” CNN, 13 Mar. 2023, https:\/\/www.cnn.com\/2023\/03\/13\/politics\/biden-silicon-valley-bank-politics\/index.html<\/a><\/a><\/p>\n

5. <\/span>“Biden vows to hold those responsible for Silicon Valley Bank failure ‘fully accountable'” CNN, 13 Mar. 2023, https:\/\/www.cnn.com\/2023\/03\/12\/politics\/janet-yellen-bailout-silicon-valley-bank-cnntv\/index.html<\/a><\/a><\/p>\n

6. <\/span>“Silicon Valley Bank: why did it collapse and is this the start of a banking crisis?” The Guardian, 13 Mar. 2023, https:\/\/www.theguardian.com\/business\/2023\/mar\/13\/silicon-valley-bank-why-did-it-collapse-and-is-this-the-start-of-a-banking-crisis<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":2194,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2195"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=2195"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/2194"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=2195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=2195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=2195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}