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President Joe Biden on Sunday vowed to hold those responsible for Silicon Valley Bank SIVB and Signature Bank SBNY failures “fully accountable.”
What Happened: Biden, in a statement, said that U.S. Treasury Chief Janet Yellen and his top economic adviser Lael Brainard at his direction worked with financial regulators to ensure households and businesses affected by the fallout could access their deposits.
“I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk,” Biden said.
“I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again,” he added.
Biden administration also announced a series of emergency measures to shore up confidence in the banking system after the SVB crisis.
U.S. regulators on Sunday said SVB’s customers would have access to all their deposits starting Monday and announced that it would set up a new facility to give banks access to emergency funds.
On Friday morning, California-based SVB — the 16th largest bank in the country — experienced a major collapse following an eventful 48 hours that involved a bank run and a capital crisis. This resulted in the second-largest financial institution failure in U.S. history.
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Image and article originally from www.benzinga.com. Read the original article here.