Biden Vows to Hold Banks Accountable, Urges Stronger Rules
- President seeks to reassure public following bank collapses
- Costs of failed banks won’t be borne by taxpayers, he says
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President Joe Biden sought to reassure jittery consumers and markets the US financial system is on solid footing, promising to hold responsible those behind the collapse of two banks and saying he would urge Congress to strengthen regulation of the banking system.
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said Monday at the White House after the collapse of Silicon Valley Bank and Signature Bank raised fears of a full-blown banking crisis.