President Biden reassures the public that taxpayers won't be responsible for bank failure losses
According to Biden, US Taxpayers Won't Suffer Losses From Bank Collapse
Even if the government would ensure that SVB depositors
get their money back, "no losses will be reimbursed by the
taxpayers," according to Biden.
US Taxpayers Won't Bear Losses From
Bank Failure, Says Biden
Once Silicon Valley Bank (SVB) failed and another bank was
taken over by the government, President Joseph Biden assured Americans that
their financial system is safe. He stated on Monday during broadcast remarks
from the White House, "People can trust that the financial system is
secure. You can count on getting your deposits when you need them."
Moreover, Biden declared that any damages brought on by
the collapsed bank would not be covered by taxpayer dollars. "No losses
will be borne by the public," he stated, adding that the government is
making sure SVB depositors receive their money back. "The money for the
deposit insurance will come from the fees that banks put in."
The President urged Congress to impose stricter rules,
claiming that his Republican predecessor Donald Trump had undone the
"strong" safeguards put in place following the 2008 financial
disaster. In order to reduce the likelihood that another bank failure of this
nature would occur, Biden said he would encourage Congress and the financial
authorities to tighten the regulations for banks.
However, he made it plain that he expects those
accountable to bear the penalties and that the government's quick action over
the weekend did not entail a bank bailout, as was the case in 2008. He stated,
"We must obtain a complete accounting of what occurred and why (so) those
culpable may be held accountable.
Biden emphasized that the SVB investors were not receiving
a bailout. "Investors lost money as a result of the risks they
deliberately accepted that did not pay off. This is how capitalism functions
"said he.
Also, the President made it plain that whenever the
government takes control, the management of these institutions will be removed.
"The individuals operating the bank should no longer work there after it
is taken over by the government," he stated.
In the aftermath of the SVB collapse, Americans' worries
about the security of their savings were meant to be allayed by Biden's
statements. Taxpayers won't be held responsible for the bank's failure while
depositors are being compensated, and stricter controls will be implemented to
stop such incidents in the future. The President highlighted that individuals
who take risks in capitalism must accept the consequences and that those
liable for the bank's failure would face consequences.
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