Silicon Valley Bank collapsed after capital issues and a bank run last week
(The Center Square) – President Joe Biden gave a speech Monday morning to address concerns about the banks, the economy, and the federal government’s decision to take over and back up the bank, allowing depositors to retrieve their money, even if the bank doesn’t have it.
He stressed that taxpayers would not be paying to bail these banks and their customers out.
“No losses will be, and I want, this is an important point, no losses will be borne by the taxpayers,” Biden said. “Let me repeat that: No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund.”
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