Biden after 2nd US bank collapse

New Delhi:

US President Joe Biden today promised to take action against those responsible for the banking crisis in the country. His statement comes just hours after regulators shut down Signature Bank, a New York-based regional lender.

Biden also said he will talk about the US banking system on Monday and reassure Americans after the failures of Silicon Valley Bank and Signature Bank.

“I will deliver remarks on how we will maintain a robust banking system to protect our historic economic recovery,” he said Sunday night in a statement that also included Biden’s pledge to “hold those responsible for this mess fully accountable.”

The US president said Secretary Janet Yellen and the director of the National Economic Council were working with banking regulators and have found a solution to protect the US financial system.

“At my direction, @SecYellen and my director of the National Economic Council worked with bank regulators to resolve problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a resolution that protects workers, small businesses, taxpayers and our financial system,” he said.

The US government also said all depositors and investors will have access to “all their money” from Monday.

“The American people and American businesses can have confidence that their bank deposits will be there when they need them,” Biden said.

Silicon Valley Bank was shut down on Friday by California banking regulators after a dramatic 48 hours in which the high-tech lender’s share price plummeted amid an outpouring of concern from worried customers.

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