White House says US banking system is safe

White House says US banking system is safe.

Asked whether the worst of the banking crisis was behind the country, White House's top spokesperson said Americans should not worry.

Because of the decisive actions that we have seen ... from our administration, the banking regulators and also the Treasury Department, the banking system is safe," White House press secretary Karine Jean-Pierre told reporters. "Americans can be confident," she said.

When Silicon Valley Bank was first given money, the White House: This is not a bailout. This is not 2008.

Biden also said: I am committed to "holding those responsible for this mess fully accountable."

He fully said:

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.

The American people and American businesses can have confidence that their bank deposits will be there when they need them.

I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again. I’ll have more to say on this tomorrow morning.

Today, The Treasury says said it sees some institutions with issues similar to Silicon Valley Bank, per Bloomberg.

Additionally a US Treasury official says this situation is not 2008 and firms are not being bailed out.

Read more: https://unusualwhales.com/news/biden-i-am-committed-to-holding-those-responsible-for-this-mess-fully-accountable