US President Joe Biden blamed his predecessor Donald Trump for the collapse of Silicon Valley and Signature Bank. He said this during his tenure. speeches at the White House.
At the same time, Biden believes that Americans can be assured of the security of the country’s banking system. He noted that US citizens will not be harmed due to the situations with Silicon Valley and Signature Bank.
Former American television channel CNN knowledgeableHe said the attempt by US officials to deal with the consequences of the collapse of Silicon Valley Bank (SVB) did not reassure investors and caused a global panic in the financial market. CNN noted that although HSBC (FTRXX) bought the UK arm of SVB for £1 and reassured customers that they could continue banking as usual, stocks began to drop in the early morning hours. The European benchmark Euro Stoxx 600 fell 2.5% after trading started, London FTSE 100 fell 2.2% and Stoxx Europe 600 Banks fell 5% for the first time since March 2021, the report said.
Prior to this, the United States Federal Reserve decided to provide additional funds to banks to maintain financial stability.
In a joint statement with the US Treasury, the Federal Reserve System (FRS) and the US Federal Deposit Insurance Commission the previous day, it promised all SVB depositors access to deposits starting Monday, March 13.