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Babu Patel
Mar 17, 2023 1:33PM ET
Fed rules 1975
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Biden backs strength of banking system after failure of SVB, Signature Bank
© Reuters
By Scott Kanowsky
Investing.com -- U.S. President Joe Biden looked to provide reassurance over the state of the country's banking system on Monday, after federal authorities bailed out depositors in failed lenders Silicon Valley Bank (NASDAQ:SIVB) and Signature Bank (NASDAQ:SBNY).
The U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation put together a bailout package over the weekend that essentially protected all of SVB's depositors, including those with assets above the federally-guaranteed $250,000 limit. Regulators also took control of SVB's stricken peer Signature Bank, a major bank used by cryptocurrency companies.
Biden backed the decisions, saying they will help protect companies and individuals who have placed their funds in these lenders.
"Americans can have confidence that the banking system is safe," Biden said in a short address, adding that taxpayers will not be on the hook for any losses incurred by SVB or Signature Bank.
"Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills."
With $212 billion in assets, SVB was the second-biggest lender to fail in U.S. history, while Signature Bank, which controlled $110B in assets, was the third-largest.
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Comments (41)
Chad Bauska
Mar 13, 2023 10:45PM ET
svb still belongs to original person(s) that will be considered default without fault which now is between a claim and default if judgement not any fault of own. business owners are protected and just as eligible for leniency and coverage when a default occurs . true facts
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Warren Wesley
Mar 13, 2023 1:15PM ET
why would anyone believe this guy. he appoints people to run agencies who do not have the experience to manage the department. he says economy is strong. his policy has created inflation. inflation 1.4%under last administration with quantitative easing. this guy makes no sense.
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First Last
Mar 13, 2023 1:15PM ET
Low employment and positive GDP growth. economy would be in great shape if not for high inflation due to factors from abroad.
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Arman Khan
Mar 13, 2023 12:54PM ET
remember boss comment 1970 in no time and how accurate was that
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Hank Williams
Mar 13, 2023 12:34PM ET
Looks like politicians between rock and hard place. Budget deficits and covering for shyster management.
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First Last
Mar 13, 2023 12:34PM ET
"covering for shyster management" -- Regulators took over the bank & ousted the former management.
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Chart Harmonics
Mar 13, 2023 12:04PM ET
Another dozen will fail next like dominos. Much more regulation and oversight is needed for the banks.
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Korhan Ekinci
Mar 13, 2023 12:04PM ET
Yes, damn Trump !!
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Sylvia Doloff
Mar 13, 2023 11:49AM ET
can I vote 5 million times no to Biden he sucks
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First Last
Mar 13, 2023 11:49AM ET
Retrumplicans do want to cheat in elections.
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Korhan Ekinci
Mar 13, 2023 11:49AM ET
Trump is responsible for all this! I can see it from Turkiye, why cant you guys?
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Sylvia Doloff
Mar 13, 2023 11:48AM ET
Biden back this the worst horrible
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Antonio Velardo
Mar 13, 2023 11:46AM ET
He has already started the election campaign and keeps repeating that he has done a good job.
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Mark Jannetty
Mar 13, 2023 11:46AM ET
he is trying to keep the sheep from straying
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KYUNGHOON AHN
Mar 13, 2023 11:46AM ET
Leveraging the assets for the U.S companies and individuals leaning to global investors cheap as chips for a long time, now that bail out only for the U.S relevant units. We do never buy any AT1 and Common Equity issued by U.S Banking system.
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