U.S. President Joe Biden has pledged to find out those responsible for the failure of Signature Bank and Silicon Valley Bank, and to hold them 'fully accountable.'
The President added he was also"firmly committed" to holding those responsible for the mess"fully accountable." He added that he will"have more to say" in an address on Monday, local time.
U.S. Senator Sherrod Brown and Representative Maxine Waters said they were also pleased to see that both insured and uninsured SVB depositors would be covered,Today’s actions will enable workers to receive their paychecks and for small businesses to survive, while providing depository institutions with more liquidity options to weather the storm.”
Silicon Valley Bank depositors, both insured & uninsured, will be made whole by the plan from the FDIC, the Federal Reserve, the Treasury & the White House. And the Fed has created a new facility to support all banks that need liquidity to ensure our banking system is safe.Meanwhile, U.S. Securities Exchange Commission Chairman Gary Gensler has used the moment to double down on his agency's pursuit of wrongdoers, without naming any industries in particular.
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