The Silicon Valley financial crisis warning from Joe Biden to US taxpayers...
According to Biden, "no loss will be paid by the taxpayers" even though the government is making sure that SVB depositors receive their money back. According to Biden, "no loss will be paid by the taxpayers" even though the government is making sure that SVB depositors receive their money back. "Banks will pay fees for deposit insurance, which is where the money will come from."
Asserting that "strong" safeguards put in place following the 2008 financial crash had been undone by his Republican predecessor, Donald Trump, Biden urged Congress to impose stricter regulations. In order to make it less likely that another bank failure of this nature will occur, Biden said he would encourage Congress and banking regulators to tighten bank regulations.
He made it clear that he expected those accountable to bear the consequences, and that the government's swift action over the weekend was not a bank bailout as it was in 2008. People in charge can be held accountable, the speaker added.
He claimed that in addition to the public not being required to reimburse the deposits, "the management of these banks would be sacked." It's been a while since I've done this, but I've been meaning to for a while now. According to Biden, those who invested in SVB are not being bailed out. He stated: "Investors lost money as a result of the risk they took, which was intentional. This is how capitalism functions."
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