Biden’s remarks followed an announcement by his administration Sunday night that all depositors at SVB would have access to all their money on Monday morning — an extraordinary intervention aimed at averting a crisis in the financial system.
on Monday morning — an extraordinary intervention aimed at averting a crisis in the financial system.
Biden also said he would ask Congress and banking regulators “to strengthen the rules for banks to make it less likely this kind of bank failure would happen again and to protect American jobs and small businesses.”He warned that there will be consequences for banks that collapse. Fed officials declined to provide a specific figure for the size of that new loan program, but made clear it would be large enough to cover trillions of dollars in potential requests.The series of crisis maneuvers by federal authorities — announced just hours before the start of trading in Asia — reflected thejust a few days after the collapse of Silicon Valley Bank, which many financial experts thought initially was an isolated episode.
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