US Taxpayers Will Not Be Accountable For Losses From Failed Financial institution: Biden

US Taxpayers Will Not Be Responsible For Losses From Failed Bank: Biden

US President Joe Biden delivered remarks after the collapse of the Silicon Valley Financial institution. (File)


US taxpayers is not going to be on the hook for the rescue of depositors on the failed SVB financial institution, President Joe Biden stated Monday, telling People that the disaster was beneath management.

Whereas the federal government is guaranteeing that SVB depositors get their a refund, “no losses can be borne by the taxpayers,” he stated. “The cash will come from the charges that banks pay into the deposit insurance coverage.”

(Aside from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

Most Popular

To Top