US regulators pulled the plug on SVB — a key lender to US startups for the reason that Nineteen Eighties. (File)
Washington:
President Joe Biden on Sunday vowed to carry “absolutely accountable” the folks accountable for the failure of Silicon Valley Financial institution and a second monetary establishment, Signature Financial institution, as he sought to reassure Individuals their deposits are protected.
I am firmly dedicated to holding these accountable for this mess absolutely accountable and to persevering with our efforts to strengthen oversight and regulation of bigger banks in order that we’re not on this place once more.
I am going to have extra to say on this tomorrow morning.
— President Biden (@POTUS) March 13, 2023
“I’m firmly dedicated to holding these accountable for this mess absolutely accountable and to persevering with our efforts to strengthen oversight and regulation of bigger banks in order that we’re not on this place once more,” Biden stated in a press release.
“The American folks and American companies can have faith that their financial institution deposits can be there after they want them,” the president added, in remarks he additionally posted on Twitter.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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