President Biden says Americans should “feel confident” in their banking system after his administration’s response to the collapse of Silicon Valley Bank (SVB) and Signature Bank last week.
Biden reiterated a statement from the FDIC and Treasury Department during public remarks Monday morning, telling reporters that the federal government would guarantee depositors at the banks access to their funds. He added that no such protection is being offered to the banks’ investors, however. His administration has also fired the leadership at both banks.
“No losses will be borne by the taxpayers,” Biden emphasized. “Instead, the money will come from the fees that banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them.”
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