New Delhi:
US President Joe Biden has made a big statement regarding the bankruptcy of America’s big bank Silicon Valley Bank (SVB). He said on Sunday that US taxpayers would not be responsible for losses from the affected bank. Earlier, the US administration made a big announcement. The US taxpayer will have no clue how to infiltrate the bankrupt SVB Bank.
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President Joe Biden told Americans on Monday that the crisis that erupted after the bankruptcy of SVB Bank was under control. Amidst all this, the government is making sure that they get back the money deposited in SVB Bank. President Biden said that no loss would be borne by the contributors.
With the aim of strengthening the public’s dependence on the country’s banking system and protecting America’s economy, the Biden administration has announced that depositors of this bank can use their deposits from Monday. Along with this, Joe Biden has also talked about taking action against those responsible for the banking crisis in the country.
An official statement said that the President has made this decision after discussions with the Federal Deposit Insurance Corporation (FDIC) and the Central Bank Reserve Bank account status and with Biden. US Treasury Secretary Janet Yellen on Sunday cleared the FDC to take steps to fully defend against the fallout of the embargo as it completes the bank’s resolution. The bank ran into trouble when the Venture Capital Organizers and their clients associated with them started withdrawing their deposits.
In view of the financial condition of Silicon Valley Bank (Silicon Valley Bank), the California Department of Financial Protection and Innovation ordered its closure on Friday. Along with this, the responsibility for the financial security of the customer has been handed over to the Federal Deposit Insurance Corporation (FDIC).
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