(Pool)
When President Joe Biden speaks in the next hour following the dramatic actions his administration last night to try to contain Silicon Valley Bank’s collapse, he plans to emphasize that the US banking system is “safe,” according to a White House official.
“The president will tell Americans they can have confidence that our banking system is safe, and their deposits will be there when they need them,” the White House official said.
The remarks, which were announced last night, will be an effort by Biden himself to directly explain to the public what exactly he has instructed his administration to do to protect small businesses and workers in particular.
The actions he’ll emphasize include backstopping depositors’ funds, taxpayers not being on the hook for these moves, holding those responsible accountable and not extending relief to investors of Silicon Valley Bank.
It remains to be seen how exactly Biden plans to hold those responsible “accountable” – and who he deems responsible for the collapses.