(WASHINGTON) — President Joe Biden spoke out Monday morning in an effort to reassure Americans there is no need for panic after federal agencies stepped in following the failures of two big banks.
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said from the White House.
The federal government said over the weekend that all depositors at Silicon Valley Bank and Signature Bank will be protected and be able to get access to their money Monday morning, with the funds coming from special fund set up by the nation’s banks and from the sale of the banks’ assets, not from taxpayers.
“No losses will be borne by the taxpayers,” Biden repeated.
He said in a statement Sunday, “I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk.”
“The American people and American businesses can have confidence that their bank deposits will be there when they need them. I am 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 said.
Monday’s remarks were set to focus on “how we will maintain a resilient banking system to protect our historic economic recovery.”
His comments came just before the U.S. markets and banks open and before he heads on a previously scheduled trip to California. He did not take any questions.
This is a developing story. Please check back for updates.
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