Silicon Valley Bank: I assure the people of America, speaking on the Silicon Valley Bank case, Joe Biden made this promise to the people

Silicon Valley Bank, one of America’s largest banks, has been closed. US regulators ordered the closure of the bank. Also, the receiver of the bank was appointed to the Federal Deposit Insurance Corporation. Meanwhile, US President Joe Biden vowed to hold fully accountable those responsible for the failure of Silicon Valley Bank and another financial institution Signature. President Joe Biden told US residents on Monday that the country’s financial system is strong after the swift and surprising collapse of two banks, sparking fears of widespread turmoil.

Before traveling to the West Coast, he told the Roosevelt Room that Americans can be confident that the banking system is safe. Your deposits will be there when you need them. US regulators shut down the Silicon Valley bank on Friday after it experienced a traditional bank run where depositors rushed to withdraw their funds in one go. It is the second largest bank failure in US history, behind only the 2008 failure of Washington Mutual.

In a sign of how fast the financial bleeding was happening, regulators announced that New York-based Signature Bank had also failed. Speaking from the Roosevelt Room shortly before US markets opened, the president said he wanted to hold those responsible and push for better oversight and regulation of big banks. And he promised that there would be no loss to the taxpayers. Biden assured Americans that their deposits were completely safe.