[ad_1]
Silicon Valley Bank Crisis: US President Joe Biden has assured the people and businessmen of the country that there is no threat to the deposits of taxpayers and other depositors due to the closure of Silicon Valley Bank and in the coming times There will be no crisis on this too. He said that they should be sure that their deposited money will be available when needed.
The US President said in a statement late on Sunday that he would also inform on Monday how the US would maintain a flexible banking system to protect economic reforms. For this a plan has been prepared after discussion.
What did Biden say on the solution of SVB
Joe Biden said that at his direction, the Secretary of the Treasury and the Director of the National Economic Council have worked diligently with banking regulators to resolve the problems at SVB and Signature Bank. The US President said that he is pleased that he has reached an immediate solution to this problem, which protects American workers and small businesses and provides financial security.
the american people must believe
The US President said that its solution also ensures that taxpayers’ money is not put at risk. The American people and businesses must have confidence that they will be able to access their savings when they need it.
America’s 16th largest bank
California-based Silicon Valley Bank, the 16th largest bank in the US, was closed on Friday by the California Department of Financial Protection and Innovation. After this, the Federal Deposit Insurance Corporation has been made its receiver. The FDIC will receive any amount and manage many of the bank’s functions.
read this also
[ad_2]
Source link