WASHINGTON, March 13. /TASS/. The United States will hold those responsible for the collapse of Silicon Valley Bank accountable, US President Joe Biden said in a statement on Sunday.
According to the US leader, at his direction, the Treasury and financial regulators worked to address problems facing SVB. "I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk," Biden said.
He assured US individuals and businesses that "their bank deposits will be there when they need them." "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. He said he would deliver "remarks on how we will maintain a resilient banking system to protect our historic economic recovery" on Monday.
On Friday, the California Department of Financial Protection shuttered SVB, the US’ 16th largest lender. According to CNN, SVB became the largest bank to fail since the 2008 financial crisis.
On Sunday, authorities in the US ruled to enable depositors to have access to all their money starting March 13.