Monday, March 13, 2023

Pres. Biden Addresses SVB Failure

Reiterating points from the US Treasury's announcement on Sunday that it will guarantee the full value of all deposits in Silicon Valley Bank, President Biden addressed the failure of SVB at the White House on Monday morning, saying that "all customers who had deposits in these banks can rest assured they'll be protected and they'll have access to their money as of today." The remarks by come as the US looks to contain to fallout from the tech-driven bank run on SVB, which started on Thursday, and resulted in the FDIC seizing SVB on Friday.