Explorer

Bank Collapse In US: President Biden To Share Plan To Maintain Resilient Banking System

Meanwhile, US Treasury Secretary Janet Yellen has said the government will not bail out Silicon Valley Bank (SVB), following its shutdown by regulators last Friday

US President Joe Biden on Monday morning (local time) will deliver remarks on how his administration will maintain a resilient banking system after a banking crisis hit the US with regulations shutting down Signature Bank, a New York-based lender and California-based Silicon Valley Bank within a span of three days.

"Tomorrow morning, I will deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery," Biden was cited in the White House statement said Sunday (local time), reported news agency ANI. 

He also assured action against “those responsible for the mess”. 

ALSO READ: US Says Deposits At Silicon Valley Bank Safe, New Backstop For Lenders Created

“I’m 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 tweeted. 

Biden had directed US Treasury Secretary Janet Yellen and National Economic Council Director to work with banking regulators to address problems at Silicon Valley Bank and Signature Bank.

“I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system,” he added. 

ALSO READ: Silicon Valley Bank Bailout Not On Cards: US Treasury Secretary Janet Yellen

Meanwhile, US Treasury Secretary Janet Yellen has said the government will not bail out Silicon Valley Bank (SVB), following its shutdown by regulators last Friday. Defending the government's position, Yellen said several reforms were introduced after the 2008 financial crisis with the sole aim to prevent any requirement for a bailout by the government, reported Boitcoin.com. 

She further said she has been working closely with the regulators to come up with a framework to address the unprecedented situation appropriately.

"I’ve been working all weekend with our banking regulators to design appropriate policies to address this situation," remarked Yellen.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections: Report
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Advertisement
for smartphones
and tablets

Videos

Is BJP Bluffing Over 400-Mark? Check Anurag Thakur's Response At ABP Shikhar Sammelan 2024 | ABP News'Jeet Ki Guarantee Kya Hai?', BJP Leader &  Minister of Urban Development Hardeep Puri Answers | ABP Shikhar Sammelan 2024ABP Shikhar Sammelan 2024: BJP Leader &  Minister of Urban Development Hardeep Puri On CAABihar Seat Sharing: RJD to contest the upcoming polls on 26 seats-Sources | Elections 2024 |ABP News

Photogallery

Embed widget