WASHINGTON, March 13 — President Joe Biden today reassured Americans that their banking system is secure in the wake of the collapse of SVB and said he wants tougher regulations...
WASHINGTON, March 13 — President Joe Biden today reassured Americans that their banking system is secure in the wake of the collapse of SVB and said he wants tougher regulations to prevent future crises.
While the government is ensuring that SVB depositors get their money back, “no losses will be borne by the taxpayers,” Biden said.Biden challenged Congress to enact more stringent regulations, saying that “tough” safeguards brought in after the 2008 financial collapse had been undone under his Republican predecessor Donald Trump.
He made clear he expects the consequences to fall on the shoulders of those responsible and that the government’s rapid response over the weekend was not a bank bailout, as happened in 2008.
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