Biden: We will hold those responsible for SVB, Signature ‎bankruptcy… US banking system is safe

US President Joe Biden said today, Monday, that those responsible for the bankruptcy of Silicon Valley Bank (Silicon Valley SVB) and the “Signature Bank” corporation will be held accountable, and that no one is above the law, and he assured Americans that their deposits are safe. ..

He continued: “We will not allow the failure of banks to be repeated, and we will work to protect startups, and we will dismiss the management of the “Silicon Valley” and “Signature” banks, and they will be held accountable.

Biden confirmed that the US banking system is safe, indicating that he will ask Congress to tighten laws related to banks.

“We worked to address the problems faced by Silicon Valley and Signature Banks, and a quick solution was reached that would protect Americans,” Biden said in a statement.

He added, “I am strongly committed to holding those responsible for this mess accountable and continuing our efforts to strengthen oversight and regulation of major banks so that we do not find ourselves in this situation again.”

The president added, in remarks that he also posted on Twitter, saying: “The American people and American companies can trust that their bank deposits will be there when they need them.”