Joseph Biden, the president of the United States, pledged today to take action against individuals in charge of the nation's banking crisis. He made his statement just hours after regulators closed the regional lender Signature Bank, which had its headquarters in New York.
After Silicon Valley Bank and Signature Bank failed, Biden added that he would talk on Monday about the US financial sector and reassure Citizens.
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WIll hold responsible accountable
"I will deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery," he said Sunday night in a statement that also included Biden's promise of "holding those responsible for this mess fully accountable."
The National Economic Council Director and Secretary Janet Yellen collaborated with banking regulators to find a solution to safeguard the US financial system, according to the US President.
"At my direction, @SecYellen and my National Economic Council Director worked 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 said.
California banking regulators closed Silicon Valley Bank on Friday following a dramatic 48 hours that saw the high-tech lender's share price plunge amid a run-on deposit by anxious clients.
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