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

By : ABP News Bureau | Updated at : 13 Mar 2023 02:55 PM (IST)

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

US President Joe Biden said he will deliver remarks on how his administration will maintain a resilient banking system. (Representational Image)

Source : Getty Images

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.