Here is what President Joe Biden wants the American people to know about the country’s banking system after two institutions failed within three days …
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00:00The bottom line is this, Americans can rest assured that our banking system is safe.
00:06Your deposits are safe.
00:07That's what President Joe Biden had to say about the potential
00:10systematic risks to the country's banking system.
00:12The announcement came after two institutions failed,
00:15sparking fears about whether this would trigger a banking meltdown
00:18similar to the one that happened in 2008.
00:20Biden said his administration and the FDIC took control of both Silicon Valley Bank
00:25and Signature Bank's assets and explained what it meant for Americans.
00:29No losses will be borne by the taxpayers.
00:32Let me repeat that. No losses will be borne by the taxpayers.
00:35After Biden assured customers of the two banks that their deposits would be available to them,
00:39he emphasized that American taxpayers would not be the ones bailing out banks.
00:43The president went on to say management at the two banks will be fired and that
00:46the investors in the banks will not be protected.
00:49Let me also assure you, we will not stop at this. We'll do whatever is needed.
00:53He also said his administration would look into how the bank collapse happened
00:57and the need to lessen the risk of bank collapses moving forward.
01:00Silicon Valley Bank, the 16th largest bank in the U.S.,
01:03was headquartered in Santa Clara, California, where it held $175 billion in assets.
01:08Some of the bank's clients included Roku, Roblox, and Vox Media.