President Biden announced the government’s plan to address the recent Silicon Valley Bank collapse Monday.
On Friday and over the weekend, the government’s bank regulatory body FDIC – took control of assets held by Silicon Valley Bank and Signature Bank.
“Every American should feel confident that their deposits will be there if and when they need them,” he said.
Management will be fired, and investors in the banks will not be protected, the President added
“They knowingly took a risk, and when the risk didn’t pay off, investors lose their money. That’s how capitalism works,” Mr. Biden said.
On Twitter, President Biden also referenced Trump’s decisions that have been blamed in part for the collapse.
“President Obama and I put in place tough requirements on banks to make sure the 2008 crisis wouldn’t happen again,” Biden tweeted.
“The last Administration rolled many of them back.”
