US President Joe Biden said Sunday that at his direction, the Treasury Secretary and National Economic Council Director worked “diligently with the banking regulators to address problems” at Silicon Valley Bank and New York based Signature Bank.
In a statement, Biden affirmed that he is “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.” “I am pleased that they reached a prompt solution that protects American workers and small businesses and keeps our financial system safe,” Biden said.
“The solution also ensures that taxpayer dollars are not put at risk.” Biden announced that he would deliver remarks on Monday on “how we will maintain a resilient banking system to protect our historic economic recovery.”
Source: Kuwait News Agency (KUNA)