Joe Biden on Silicon Valley Bank: Silicon Valley Bank, one of America’s largest banks, 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 the amount deposited by the customers in the bank 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) vowed to hold those responsible “fully accountable”. During this, Biden assured the Americans that their deposits were 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) Mar 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 will talk to the Americans on this matter on Monday morning as well.

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