Biden Vows To Hold Those Responsible For Bank Failures “Fully Accountable”

US regulators pulled the plug on SVB — a key lender to US startups since the 1980s. (File)

Washington:

President Joe Biden on Sunday vowed to hold “fully accountable” the people responsible for the failure of Silicon Valley Bank and a second financial institution, Signature Bank, as he sought to reassure Americans their deposits are 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 am 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,” Biden said in a statement.

“The American people and American businesses can have confidence that their bank deposits will be there when they need them,” the president added, in remarks he also posted on Twitter.

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