Biden emphasizes U.S. banking system is safe [just like the vaccine]

Biden emphasizes U.S. banking system is safe [just like the vaccine] | 13 March 2023 | Joe Biden addressed the nation Monday to assure Americans that the banking system is safe after the collapse of Silicon Valley Bank and Signature Bank. In his speech, he highlighted the immediate action that his administration has taken. Customers' deposits will be protected: Customers will "have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business," Biden said, adding that no losses will be suffered by the taxpayers. "Instead, the money will come from the fees that banks pay into the deposit insurance fund," he explained. The management of these banks will be fired: "If the bank is taken over by FDIC, the people running the bank should not work there anymore," Biden said. Investors in the banks will not be protected: "They knowingly took a risk and when the risk didn't pay off, investors lose their money. That's how capitalism works," Biden added.