Home » Markets » Biden 'pleased' with Feds' response on Silicon Valley Bank collapse, set to soon address deposits and closures
Biden 'pleased' with Feds' response on Silicon Valley Bank collapse, set to soon address deposits and closures
Collapse of Silicon Valley Bank is a ‘warning sign’ of how ‘screwed up’ our banking system is: Charlie Gasparino
FOX Business senior correspondent Charlie Gasparino provides expert analysis of the historic collapse of Silicon Valley Bank and its widespread economic impact.
In a statement Sunday evening, President Joe Biden said he was "pleased" with how the Treasury Department and other agencies responded in the wake of the Silicon Valley Bank collapse, the second-biggest bank failure in U.S. history.
Biden said he would more thoroughly address the collapse of the SVB and the shutdown of the New York-based Signature Bank, including the worries of workers and depositors, on Monday morning.
"At my direction, [Treasury Secretary Janet] Yellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank," Biden noted on Twitter Sunday night. "I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system."
The president also vowed accountability for those responsible, without specifying any particular actions his administration would take.
TREASURY, FEDERAL RESERVE, FDIC RELEASE JOINT STATEMENT MAPPING OUT APPROACH TO SILICON VALLEY BANK COLLAPSE