After experiencing both the 2nd and 3rd largest US bank failures in history, the President of the United States, Joe Biden will hold an emergency announcement tomorrow morning (Washington Time) to address the current US banking crisis.
As per Reuters, the news comes after the US government announced that it is taking actions to shore up deposits in the country and stem any broader financial fallout from the sudden collapse of both Silicon Valley Bank and Signature Bank.
The past 3 days saw 2 of the largest US bank failures in history – Silicon Valley Bank and Signature Bank. Signature Bank (SBNY) ranks 3rd in the list of largest US bank failures in history with $118 billion USD in assets at the time of failure in 2023, Silicon Valley Bank (SVB) ranks 2nd with $209 billion in assets in 2023, and Washington Mutual ranks 1st with $307 billion in assets in 2008.
The White House has issued a press statement stating that over the weekend, the US government has been working diligently with the country’s banking regulators to address problems at Silicon Valley Bank and Signature Bank. And a prompt solution of providing all depositors at these banks back their deposits, both insured and uninsured, will commence on Monday. It was mentioned that the solution also ensures that US taxpayer dollars are not put at risk.
And with all the concerns and complaints of the crisis ongoing, Joe Biden stated that he is “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.”
On a closing note, the US President will deliver remarks on how the country will maintain a resilient banking system to protect its historic economic recovery tomorrow morning.
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