US President Joe Biden vowed yesterday that “those responsible for the bankruptcy” would be held accountable. Silicon Valley Bankbut also the Signature Bank, which collapsed over the weekend.

“I strongly pledge that those responsible for this mess will be held fully accountable, and that we will continue our efforts to increase oversight and regulation of the largest banks so that we are not in this position again,” the US President said. statement.

“The American people and American businesses can rest assured that their savings will be there when they need them,” Biden said.

Today, the American president should be publicly blamed for the collapse of two financial institutions and the actions of the authorities.

Withdraw all savings from Silicon Valley Bank

At the same time, the US authorities have taken the unprecedented step of announcing that they will allow all customers of the liquidated Silicon Valley bank to return all their deposits as early as this Monday.

The purpose of this unusual decision is to reassure citizens and businesses.

The measure was announced by Treasury Secretary Janet Yellen, along with the Federal Reserve Bank (FRS) and the Federal Deposit Insurance Corporation (FDIC), after consultation with President Joe Biden.

Signature Bank also collapsed

At the same time, another bank “loaded the gun”: New York’s financial sector watchdog (NYDFS) said yesterday that it had taken over Signature bankbased in the metropolis.

Its receiver is the Federal Deposit Insurance Corporation (FDIC).

As of December 31, 2022, Signature Bank had $88.59 billion in savings, according to the agency.

The US Treasury Department assured in a press release issued jointly with the two aforementioned regulators that all Signature Bank depositors will receive their money in full and that “the taxpayer will not suffer a loss.”

According to APE-MPE, Reuters, AFP