President Biden said Sunday night that he would address the nation Monday morning “on how we will maintain a resilient banking system to protect our historic economic recovery.”
In a statement late Sunday, the president said he was pleased his top advisers and banking regulators had come to a “swift resolution” on the two shuttered banks — now-defunct Silicon Valley Bank and New York’s Signature Bank.
Mr. Biden said the ruling at the California bank, which will allow all SVB depositors to access all their money Monday morning, “protects American workers and small businesses and keeps our financial system safe.”
Earlier Sunday evening, the president echoed statements by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and Federal Deposit Insurance Corp. Chairman Martin J. Grunberg that taxpayer dollars are not at risk.
“The American people and American businesses can be confident that their bank deposits will be there when they need them,” Mr. Biden said.
“I am firmly committed to holding those responsible for this mess fully accountable and continue our efforts to strengthen oversight and regulation of the big banks so we don’t find ourselves in this situation again,” he said.
