SVB: Biden promises to tighten rules against banks – 03/13/2023 – Market
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The President of the United States, Joe Biden, assured Americans this Monday (13) that their banking system “is safe” and that their deposits will be available “when they need it”, after the bankruptcy of SVB (Silicon Valley Bank), specialized in in the technology sector.
According to the president, the government will do everything possible for savers to recover their money and, in any case, “taxpayers will not be responsible for the losses”.
“The money will come from the fees banks pay for deposit insurance,” he said.
“I will ask Congress and banking regulators to tighten the rules for banks so that this type of failure is more unlikely to happen again,” Biden announced in televised remarks.
Biden added that “the management of these banks will be fired.”
The President of the United States tries to reinforce confidence in the sector, the only bulwark against a large-scale contagion after the bankruptcy of SVB.
Authorities have taken steps in the United States and Europe to protect the deposits of this failed Californian bank that is under public trust.
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