Biden pushes for more regulation after Silicon Valley Bank collapse
President Joe Biden:
Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.
First, all customers who had deposits in these banks can rest assured I want to rest assured they’ll be protected and they’ll have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business.
No losses will be borne by the taxpayers. Instead the money will come from the fees that banks pay into the Deposit Insurance Fund because of the actions of that, because of the actions that our regulators have already taken. Every American should feel confident that their deposits will be there if and when they need them. Second, the management of these banks will be fired. If the bank is taken over by FDIC, the people running the bank should not work there anymore. Third, and investors in the banks will not be protected. They knowingly took a risk. And when the risk didn’t pay off, investors lose their money. That’s how capitalism works. And fourth, there are important questions of how these banks got into the circumstance. In the first place. We must get the full accounting of what happened and why those responsible can be held accountable. And my administration, no one in mind that no one is above the law. And finally, we must reduce the risk of this happening again.