President Biden said Sunday night that he will address the nation Monday morning “on how we will maintain a resilient banking system to protect our historic economic recovery.”
In a statement, the president said late Sunday night that he is pleased that his top advisers and bank regulators had reached a “prompt solution” on two shuttered banks — now-shuttered Silicon Valley Bank and New York City’s Signature Bank.
Mr. Biden said the resolution at the California bank that would allow all depositors at SVB to access all their money Monday morning “protects American workers and small businesses, and keeps our financial system safe.”
The president reiterated claims earlier Sunday evening by Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corp. Chairman Martin J. Gruenberg that taxpayer dollars are not at risk.
“The American people and American businesses can have confidence that their bank deposits will be there when they need them,” Mr. Biden said.
“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.
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