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Posted by: thepinetree on 03/13/2023 12:44 PM Updated by: thepinetree on 03/13/2023 12:44 PM
Expires: 01/01/2028 12:00 AM
:

President Biden on Maintaining a Resilient Banking System

Washington, DC...Good morning, everyone. Before I leave for California, I want to briefly speak about what’s happening to Silicon Valley Bank and Signature Bank. Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.





Small businesses across the country that had deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills. And their hardworking employees can breathe easier as well.

Last week, when we learned of the problems of the banks and the impact they could have on jobs, some small businesses, and the banking system overall, I instructed my team to act quickly to protect these interests. They have done that. They have done that.

On Friday, the government regulator in charge, the FDIC, took control of Silicon Valley Bank’s assets. And over the weekend, it took control of Signature Bank’s assets.

Treasury Secretary Yellen and a team of banking regulators have taken action — immediate action. And here are the highlights:

First, all customers who had deposits in these banks can rest assured — I want to — rest assured they’ll be protected and they’ll have access to their money as of today. That includes small businesses across the country that banked there and need to make payroll, pay their bills, and stay open for business.

No losses will be — and I want — this is an important point — no losses will be borne by the taxpayers. Let me repeat that: No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund.

Because of the actions of that — because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them.

Second, the management of these banks will be fired. If the bank is taken over by FDIC, the people running the bank should not work there anymore.

Third, investors in the banks will not be protected. They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.

And fourth, there are important questions of how these banks got into these circumstances in the first place. We must get the full accounting of what happened and why those responsible can be held accountable. In my administration, no one, in my view — no one is above the law.

And finally, we must reduce the risks of this happening again. During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank Law, to make sure the crisis we saw in 2008 would not happen again.

Unfortunately, the last administration rolled back some of these requirements. I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely that this kind of bank failure will happen again and to protect American jobs and small businesses.

Look, the bottom line is this: Americans can rest assured that our banking system is safe. Your deposits are safe.

Let me also assure you: We will not stop at this. We’ll do whatever is needed on top of all this.

Let’s also take a look — a moment to put the situation in a broader context. We have made strong economic progress in the past two years. We’ve created more than 12 million new jobs — more jobs in two years than any President has ever created in a single four-year term. Unemployment is below 4 percent for 14 straight months. Take-home pay for workers is going up, especially for lower- and middle-income workers. And we’ve seen record numbers of people apply to start new businesses — more than 10 million of them — more than 10 million applications over the last two years starting businesses.

Now we need to keep the program — this progress going. That’s what swift action that my administration, over the past few years, is all about: protecting depositors, protecting the banking system, protecting the economic gains we have made together for the American people.

Thank you. God bless you. And may God protect our troops. See you in California.


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2023-03-13 14:16:26   By: Anonymous
 
Of course Joe takes no ownership of the sad state of our economy...High interest rates & raging inflation......but of course it's the last regimes fault

[Reply ]

    Re:
    Posted on: 2023-03-13 15:26:03   By: Anonymous
     
    Yup, TDS! That's all Biden and his manipulated idiots can think about.
    Here's a few things I heard today.
    The dumbest idiots in our Nation will believe Joe that the tax payer s of our country won't have to pay one cent for these banks mismanagement by the woke liberal left managers.
    I didn't hear which bank manager it was but he pulled out his 3 Million Dollars worth of Stock two weeks ago. The same manager who in the last week before it's collapse gave out bonuses a week before the collapse.
    Thank goodness the man of steel, aka Biden said that the manager would be FIRED! Wow! Is Joe China Biden a Hard ass, brutal guy or what? Next thing you know he's gonna demand that his son Hunter pay him 11% of his total business dealing with China that Joe has NEVER DISCUSSED WITH HIM ON HIS OVERSEAS BUSINESS LIKE FIRING A SPECIAL PROSECUTOR IN UKRAINE OF THEY WOULDNT GET ONE BILLION DOLLARS IN OUR TAX PAYERS MONEY AID
    And the dumbest of the dumb, our easily manipulated retarded liberal Democrats will always believe in their masters because they're still waiting on their free Free FREEEEEEEE....something, anything, as long as it's free.

    [Reply ]

      Re:
      Posted on: 2023-03-14 08:40:39   By: Anonymous
       
      ^I bet you have cashed, and spent, every single stimulus check you have gotten from the federal/state government since they really amped up during the Bush administration. Can't remember when the state started giving out free, free, free money. But MAGAman above complains about people wanting free money, while at the same time cashing any stimulus check he gets. Hypocrit mister, that's what you are. Please correct me if I am wrong, and you have returned ALL and ANY stimulus checks you have received. I didn't think so................................

      [Reply ]

No Subject
Posted on: 2023-03-14 08:35:56   By: Anonymous
 

ALL DEMOCRATS ARE
LYIN'
CHEATIN'
THEIVIN'
HYPOCRITE
LEFTIST LOSERS
DEMENTED AND
DILUSIONAL JOE
IS THEIR FEARLESS
LEADER
(HE KNOWS NO FEAR)
HA! HE UNDERSTANDS NOTHING!


[Reply ]

    Re:
    Posted on: 2023-03-14 08:42:52   By: Anonymous
     
    ^Meanwhile, you seem absolutely BRILLIANT!!

    HAHAHAHAHAHAHAHAHAHHA
    HAHAHAHAHAHA
    HAHAHAHAHAHAHAHAHAHAHA
    HAHAHAHAHAHAHAHAHA

    [Reply ]


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