Biden calls for protecting the US banking system

US President Joe Biden announced his speech on protecting the American banking system. He also vowed to bring those involved in “this mess” to justice reports CNN.

“Biden plans to make remarks on Monday about maintaining a ‘resilient banking system’,” the story reads.

The American president spoke about his instruction to US Treasury Secretary Janet Yellen and his chief economic adviser, Lael Brainard, to work with financial regulators to ensure that businesses affected by the bankruptcy of Silicon Valley Bank and Signature Bank have access to their deposits.

On March 13, it became known that the US authorities are not considering the possibility of buying out the bankrupt Silicon Valley Bank. Then Yellen stressed that the current situation is different from the financial crisis of 2008, when the government bailed out many banks to protect the country’s economy.

The US bankruptcy of Silicon Valley Bank became known on March 11. It was reported that the organization went bankrupt in less than two days. After the bank made an unsuccessful operation with securities, depositors began to withdraw funds sharply from their accounts.

As hacker and crypto trader Petr Levashov, known as Peter Severa, commented to Izvestia, the bank had problems for quite some time. According to him, the organization has been experiencing a balance deficit for several months, but this has been hidden for a long time.

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