Biden says set to deliver remarks on banking system situation Monday

Joe Biden, US President

© APA | Joe Biden, US President

# 13 March 2023 08:18 (UTC +04:00)

US President Joe Biden will speak about the current banking situation on Monday, following the Silicon Valley Bank (SVB) failure, according to a statement released by the White House, APA reports citing Sputnik.

"Tomorrow morning, I will deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery," Biden said in a Sunday release, adding that he was "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."

The president specified that at his direction, US Treasury Secretary Janet Yellen worked with banking regulators over the weekend to address problems with SVB and the New York-based Signature Bank.

"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," Biden said, adding that the "American people and American businesses can have confidence that their bank deposits will be there when they need them."

According to the White House press pool, Biden told reporters on Sunday that he was going to answer questions about the banking crisis "tomorrow morning."

To protect insured depositors, the Federal Deposit Insurance Corporation (FDIC) has created the Deposit Insurance National Bank of Santa Clara (DINB), to which all insured deposits of SVB were transferred.