Joe Biden On Silicon Valley Bank: One of America’s largest banks, Silicon Valley Bank, has been closed. US regulators had ordered the closure as well as appointed the receiver of the bank to the Federal Deposit Insurance Corporation. The security of bank deposits of customers was sampled by the FDIC.
Meanwhile, US President Joe Biden has criticized the failure of Silicon Valley Bank and another financial institution, Signature Bank (Failure) "fully responsible" Vow to stay During this, Biden assured Americans that their deposits are completely safe.
I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.
I’ll have more to say on this tomorrow morning.
— President Biden (@POTUS) March 13, 2023
I assure the American people… – President Joe Biden
Joe Biden said, I am committed to holding those responsible in this matter fully accountable and continuing my efforts to inspect the banks so that such a situation does not arise again. He said, I assure the people of America, their money is safe. Biden said that he would talk to the Americans on this matter on Monday morning as well.
16th largest bank
Actually, America’s Silicon Valley Bank has been closed on Friday. This bank was the 16th largest bank in America. Citizens of many countries including Indians have accounts in this bank. Many startups were also associated with the bank.
Silicon Valley Bank lost $100 billion in two days, employees got 1.5 times salary offer
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