“Americans can trust that the banking system is safe,” Biden said.
President Joe Biden spoke Monday morning in an attempt to reassure Americans that there was no need to panic after federal agencies stepped in following the failure of two major banks.
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said from the White House.
The federal government said over the weekend that all depositors at Silicon Valley Bank and Signature Bank would be protected and would be able to withdraw their money Monday morning with funds from a special fund set up by the nation’s banks and proceeds from the sale. Banks own assets, not taxpayers.
“There will be no loss to the taxpayers,” Biden reiterated Monday.
His comments echoed what he said in a statement Sunday, saying, “I’m glad they reached an immediate solution that protects American workers and small businesses and keeps our financial system safe. This solution also ensures that taxpayer dollars are not at risk.”
“The American people and American businesses can trust that their bank deposits will be there when they need them. I am committed to holding those responsible for this mess fully accountable and continuing our efforts to strengthen supervision and regulation of the big banks. We are not in this position again,” he said.
His comments came before US markets and banks opened and before he left for a previously planned trip to California. He didn’t take any questions.
This is a growing story. Check back for updates.
