SVB fallout: Joe Biden vows to fix ‘mess’ as a second US bank fails
- New York-based Signature Bank becomes next casualty of banking turmoil after SVB collapse
- US President Joe Biden vows to hold those responsible for bank failures ‘fully accountable’
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” he said in televised remarks from the White House.
US taxpayers will not be on the hook for the rescue of depositors at the failed SVB, Biden added, telling Americans that the crisis was under control.
While the government is ensuring that SVB depositors get their money back, “no losses will be borne by the taxpayers”, he said. “The money will come from the fees that banks pay into the deposit insurance.”
With the two bank failures rattling nerves, Biden vowed to hold “fully accountable” the people responsible for “this mess”.
“The American people and American businesses can have confidence that their bank deposits will be there when they need them,” Biden said on Sunday.