President Joe Biden said that he ordered the Treasury Department and his economic advisers to address the failures of Silicon Valley Bank and Signature Bank, adding that those responsible will be held accountable.
“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,” Biden said in a statement Sunday.
The president said that he will be delivering remarks on Monday morning to outline measures his administration is taking to bolster the banking system.
Members of Congress were briefed Sunday night on the administration’s actions, according to a person familiar with the meeting.
Biden’s statement Sunday came after Treasury, the Federal Reserve and Federal Deposit Insurance Corp. jointly announced efforts to strengthen confidence in the banking system after SVB’s failure spurred concern about spillover effects.
SVB depositors “will have access to all of their money starting Monday, March 13,” the government said in a statement, pledging that taxpayers won’t be responsible for any losses associated with SVB’s resolution.
The government also said Signature Bank was closed by New York state financial regulators on Sunday and all depositors there will also have access to their money on Monday.
Biden reiterated that Americans should remain confident in the banking system. “The American people and American businesses can have confidence that their bank deposits will be there when they need them,” he said.
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—With assistance from Steven T. Dennis.
