Joe Biden Promises Justice for Victims of Silicon Valley and Signature Bankruptcies

US President Joe Biden has vowed to bring to justice those responsible for the bankruptcy of Silicon Valley Bank and a second financial institution, Signature Bank, in an effort to reassure Americans that their deposits are safe.

“I am deeply committed to holding those responsible for this mess to account and continue our efforts to increase oversight and regulation of the big banks so that we are never in this situation again,” Biden said in a statement, adding: “The American people and American businesses can be sure that their bank deposits will be there when they need them.”

Biden indicated that he intends to talk about the US banking system on Monday morning to calm Americans after the failure of Silicon Valley Bank and Signature Bank.

It comes after US Treasury Secretary Janet Yellen confirmed on Sunday that the government wants to avoid the consequences of the failure of Silicon Valley Bank SVB on the rest of the banking system.

“We want to make sure one bank’s problems don’t pollute other strong banks,” Yellen said in an interview. Washington ruled out bailing out the institution by injecting public funds into it, but instead confirmed that it would protect all of its deposits.

On Sunday, US financial authorities announced a bailout plan that would ensure that all bank depositors in Silicon Valley can get their money back in full.

Source: AFP.