Joe Biden Dodges Questions After Assuring Action Over Silicon Valley Bank Collapse: Watch
“Can you assure Americans that there won't be a ripple effect? Do you expect other banks to fail,” asked the reporters while Biden moved away from the dias and left the room.
US President Joe Biden on Monday assured those who were responsible for the failure of banks in America but dodged questions by reporters who asked if he could assure there won’t be any ripple effect. “Can you assure Americans that there won't be a ripple effect? Do you expect other banks to fail,” asked the reporters while Biden moved away from the dias and left the room.
Following the failure of the Silicon Valley Bank and Signature bank, Biden on Monday said that he was “firmly committed” to hold those responsible for the bank’s closure. “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.
"Can you assure Americans that there won't be a ripple effect? Do you expect other banks to fail?"
— RNC Research (@RNCResearch) March 13, 2023
BIDEN: *shuts door* pic.twitter.com/CNuUhPbJAi
“I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system,” he added.
The American people and American businesses can have confidence that their bank deposits will be there when they need them,the President said.
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.
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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.
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