Crack Silicon Valley Bank, Biden: “Americans’ savings are safe, the system is solid”
“Thanks to our administration’s swift action in recent days, Americans can have confidence that our banking system it is solid. Your deposits are safe”. This is what the American president reassured Joe Bidenin a statement from the White House before leaving for California, for the the top of Aukus with the UK and Australia. “No losses will be borne by American taxpayers,” she guaranteed, speaking of the bankruptcy of the Silicon Valley Bank and of Signature bank.
“There will be no losses for i taxpayersand this is important,” he stressed Biden declaring that the Silicon Valley Bank (Svb) will not receive a government bailout, “but the funds will come from the fees paid by the bank to the Deposit Insurance Fund“.
Janet Yellenat the head of the Treasury Department, already yesterday, in announcing that from today the account holders of Svb will be able to have access to their own funds, he had ruled out a bailout for the owners of the bank e investorsemphasizing “we will never do it again” what we did for the 2008 financial crisis.
In this case “protections for investors” and the entire management of the company will not be triggered Svb will be reset. “If the bank is directed by the Fdic – he added referring to the Federal Deposit Insurance Corporation – the people who ran the bank can no longer work there”.
“I will ask Congress and regulators to tighten the rules for banks. We need to prevent this from happening again,” he added. Bidendenouncing that “unfortunately the previous administration had canceled the rules” introduced by the administration Obama.
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