US President assures SVB depositors will get their money back

Silicon Valley Bank: After the crisis of Silicon Valley Bank, US President Joe Biden has assured the people of the country that America’s banking sector is completely safe. But at the same time, he has insisted on tightening the rules and regulations so that any such crisis in future can be avoided.

Joe Biden said that the people of America believe that their banking system is very secure. In his address from the White House after the collapse of Silicon Bailey Bank and the takeover of another bank, Biden told the people of the country that whenever you need money, your deposit will be available. He said that the government is working to ensure that the depositors of Silicon Valley Bank get their money back. He assured that no loss will be allowed to the taxpayers.

Joe Biden said that the money will come from the insurance they provide on bank deposits. Attacking former President Donald Trump, he said that the strict rules that were made after the 2008 financial crisis were weakened by the former President and Republican Donald Trump. He has challenged the US Congress to make strict regulation.

Biden said that he will ask the US Congress and the banking sector regulator to further tighten the rules of the banks, thus preventing the failure of the banks. He said that why this happened should be ascertained so that the accountability of those responsible for this situation could be fixed. He said that the management of the bank will be fired. He said that once the government takes over the bank, the people who were running the bank will never be allowed to work there.

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